Dow drops over 1,100 points peak decrease since June two yea...| MENAFN.COM

Wednesday, 29 June 2022 06:42 GMT

Dow drops over 1,100 points peak decrease since June two years ago


(MENAFN) On Wednesday, Dow Jones industrial average dove at least 1,100 points to record its highest day-to-day drop since June two year ago.

The blue-chip index decreased 1,164.5 points, or 3.57 percent, to end at 31,490. The S&P 500 plummeted 161.4 points, or 3.95 percent, to 3,927 in its highest drop since June two years ago.

Tech-heavy Nasdaq dropped 566.4 points, or 4.73 percent, to close at 11,418.

The sell-off came as main retailers Walmart and Target cautioned of increasing prices to their balance sheets, boosting investors' worries about high inflation.

The yield on 10-year US Treasury notes dropped 2.65 percent to 2.891 percent.

The dollar index increased 0.52 percent to 103.945, whereas the VIX volatility index, identified as the fear index, climbed 18.68 percent to 30.97.

Precious metals dropped, with gold falling 0.27 percent to USD1,814 and silver declining 1.59 percent to USD21.40. Crude oil prices dropped over 2 percent.

Global oil main Brent crude was exchanging at USD109.31 a barrel, dropping 2.34 percent, whereas US main West Texas Intermediate (WTI) decreased 2.47 percent to USD106.92 a barrel.

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