Dow plunges 900 points, Nasdaq suffers worst month since 2008
by Sylvan Lane - 04/29/22 4:31 PM ET
Stocks took with steep losses Friday, closing a brutal month with a deep selloff driven largely by falling shares of technology companies.
The Dow Jones Industrial Average closed with a loss of more than 930 points, a decline of 2.8 percent, on the final trading day of April. The Dow ended April down more than 6 percent from the start of the month and nearly 10 percent from the beginning of 2022.
The tech-heavy Nasdaq took much heavier losses, dropping 4.2 percent on the day and more than 14 percent since the start of April—its worst monthly loss since 2008. The composite is also in what investors consider a bear market after dropping more than 20 percent from a record high set last year.
The S&P 500 closed with a loss of 3.6 percent and was down roughly 10 percent from the start of the month.
Stocks have fallen steadily through most of the year as a combination of high inflation, economic blowback from the war in Ukraine, stubborn pandemic-related supply challenges and the Federal Reserve’s ongoing interest rate hikes rattled investors. Major technology companies, which powered much of the past year’s sharp rise in the stock market, have been among the biggest losers in the current selloff
“Today’s market action is another instance where big tech bellwethers are dragging down the rest of the market,” said Charlie Ripley, senior investment strategist for Allianz Investment Management.
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https://thehill.com/policy/finance/3472033-dow-plunges-900-points-nasdaq-suffers-worst-month-since-2008-after-brutal-april-selloff/
