Dow tanks 392 points in stock selloff after Fed signals faster rate hikes
John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, warns food prices will continue to rise as manufacturers have been raising prices.
U.S. stocks ended sharply lower on Wednesday after selling picked up following the latest minutes from the Federal Reserve’s December meeting which signaled that policymakers are concerned about inflation broadening, which could accelerate planned rate hikes this year.
The Dow Jones Industrial Average, which hit a record earlier, closed down 392 points or 1%, while the S&P 500 and Nasdaq Composite dropped 1.9% and 3.3%, respectively. Investors continued to rotate out of technology.
HIRING PICKS UP WITH 807,000 JOBS CREATED: ADP
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 36407.11 | -392.54 | -1.07% |
| SP500 | S&P 500 | 4700.58 | -92.96 | -1.94% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15100.174159 | -522.54 | -3.34% |
The selling puts the Dow farther away from its next 1,000 point milestone – 37,000.
Tech
