Wall Street dives again, Dow Jones sheds 147 points

NEW YORK, New York – U.S. stocks were volatile Thursday, a day after major losses that followed the U.S. Federal Reserve hiking official interest rates 75 basis points.

“The post-Fed hangover continues to keep pressure on U.S. stocks as the impact from the first round of hikes is finally being felt,” told CNBC ThursdayOanda senior market analyst Ed Moya. “Stocks aren’t going to have a painful death here, but they will soften until markets price in a little more Fed hawkishness,” he said.

The Nasdaq Composite shed 181.86 points or 1.73 percent to 10,342.94.

The Dow Jones industrials dropped 146.51 points or 0.46 percent to 32,001.25.

The Standard and Poor’s 500 retreated 39.80 points or 1.06 percent to 3,719.89.

The U.S. dollar roared on Thursday, sending all the major currencies tumbling. The British pound dropped like a stone to 1.1163 after the Bank of England increased interest rates by 0.75 percent, its largest hike in 33 years, and forecast the British economy would be in recession well into 2024. The euro dived to 0.9756. The Japanese yen weakened to 148.22. The Swiss franc fell to 1.0125.

The Canadian dollar was off at 1.3734. The Australian dollar dived to 0.6294. The New Zealand dollar was unwanted at 0.5778.

On overseas equity markets, the Dax in Germany dropped 0.95 percent. The CAC 40 in Paris, France, declined 0.54 percent. In London, the FTSE 100 gained 0.62 percent.

The Australian All Ordinaries tumbled 127.20 points or 1.77 percent to 7,050.60.

In Japan, the Nikkei 225 retreated 15.53 points or 0.06 percent to 27,663.39.

New Zealand’s S&P/NZX 50 dropped 98.48 points or 0.87 percent to 11,184.30.

In South Korea, the Kospi Composite declined 7.70 points or 0.33 percent to 2,329.17.

Hong Kong’s Hang Seng shed 487.68 pints or 3.08 percent to 15,339.49.

China’s Shanghai Composite fell 5.56 points or 0.19 percent to 2,997.81.

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