NEW YORK (AP) — Leading indicators on New York stock markets were lower after noon Friday as the Federal Reserve vows to be more aggressive in its fight against inflation.
The interest rate issue continues to weigh on Wall Street’s mood. Additionally, some quarterly reports from listed companies disappointed, also shaking what has been the market’s main pillar of support.
As recently as Thursday, Wall Street seemed poised to close the week with healthy gains, but markets gave way as the Federal Reserve chairman signaled that the US central bank could raise short-term interest rates to twice the usual rate in the next meetings, from two weeks.
As of 12:16 p.m., the S&P 500 index was down 1.8% and on track to close the week with losses. The Dow Jones Industrial Average fell 1.76%. The Nasdaq composite, dominated by technology companies, fell 1.60%.
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