Stocks plunge amid shutdown chaos in Washington
Stocks plummeted Thursday as the federal government edged closer to a partial shutdown and traders braced for the impact of further Federal Reserve rate hikes.
The Dow Jones Industrial Average was down almost 640 points, or 2.7 percent, shortly after 2 p.m., reaching a 14-month low, while the Nasdaq composite and S&P 500 fell 2.8 percent and 2.4 percent, respectively.
The Nasdaq’s losses sunk the composite into a bear market — a 20-percent drop from its latest high-point.
The losses amplified a Wednesday decline triggered by the Fed hiking interest rates and projecting two further rate hikes in 2019.
Traders had hoped the Fed would hint toward a pause in hikes, which suppress the stock market by driving up borrowing costs and squeezing corporate profit margins.
https://thehill.com/policy/finance/422314-stocks-sink-after-fed-hike-shutdown-chaos
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