BREAKING: Massive Tech Sell-Off on Wall Street, Over 1,000-Point Drop in Dow Jones on Thursday
By Fox Business // May 5, 2022
Nasdaq Composite fell 4%
ABOVE VIDEO: FOX Business host breaks down the growing inflation crisis on ‘Kudlow.’
(FOX BUSINESS) – The Dow Jones Industrial Average fell nearly 1,000 points or 3% mid-morning, while the Nasdaq Composite fell 4% and the S&P 400 over 3% one day after the Federal Reserve raised interest rates by a half a point for the first time in two decades and as Chairman Jerome Powell signaled the economy can avoid a recession.
The Fed raised its key rate to a range of 0.75% to 1%, the highest point since the coronavirus pandemic struck two years ago.
Twitter shares in focus after Elon Musk disclosed he has secured $7 billion in financing from at least 19 investors, including Oracle’s Larry Ellison. There are also reports Musk will become CEO of the social media company.
Ebay shares fell after the company lowered financial projections for the year as it swung to a quarterly loss.
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