(MENAFN) The Dow Jones reached its lowest point on Friday since 2022 as major United States stock market indices dropped more than 1.6 percent following the Federal Reserve's third consecutive 75 basis point rate rise on Wednesday.
The blue-chip Dow dropped by 486 points, or 1.62 percent, to close the week at 29,590, which was a record low for the year. On the other hand, to end at 2,693, the S&P 500 decreased by 64 points, or 1.72 percent, and the heavily tech-focused Nasdaq plunged by 198 points, or 1.8 percent, to finish at 11,867.
The fear index, often known as the VIX volatility index, increased by 9.4 percent to 29.92. The United States Treasury 10-year yield decreased by 0.6 percent to hit 3.687 percent. Moreover, while the euro plummeted by 1.45 percent to reach USD0.9693 versus the dollar, the dollar index soared by 1.4 percent to hit 112.97, a fresh 20-year high.
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