Wall Street has its worst day since 2022; Dow sinks 1,000
4 months, 2 weeks ago

Wall Street has its worst day since 2022; Dow sinks 1,000

LA Times  

Specialist Glenn Carell works at his post on the floor of the New York Stock Exchange on Monday. A scary Monday that started with a plunge abroad reminiscent of 1987 ’s crash swept around the world and pummeled Wall Street with more steep losses, as fears worsened about a slowing U.S. economy. “Those are usually reserved for emergencies, like COVID, and an unemployment rate of 4.3% doesn’t really seem like an emergency.” Of course, the U.S. economy is still growing, the U.S. stock market is still up a healthy amount for the year and a recession is far from a certainty. But he still sees only a 25% probability of that, up from 15%, in part “because the data look fine overall” and he does not “see major financial imbalances.” Some of Wall Street’s recent declines may simply be air coming out of a stock market that romped to dozens of all-time highs this year, in part on a frenzy around artificial intelligence technology. Making matters worse for Wall Street, major tech stocks tumbled as the market’s most popular sector for much of this year continued to unravel.

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