August 15, 2022

Dubai Week

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The Wall Street crash in Thursday's session, and the Standard & Poor's 500 recorded its worst half-year performance since 1970.

The Wall Street crash in Thursday’s session, and the Standard & Poor’s 500 recorded its worst half-year performance since 1970.

US stocks fell on Thursday, with the S&P 500 index recording its worst half-year performance in more than 50 years.

The Dow Jones Industrial Average was down 0.8% at 30775.43, the S&P 500 was down 0.9% at 3785.38 and the Nasdaq was down 1.3% at 11028.74.

Thursday was the last day of the second quarter, and the Dow Jones and S&P 500 indices recorded their worst quarterly performance since the first quarter of 2020, when corona virus shutdowns caused stocks to fall.

The S&P 500 recorded its worst half-year performance since 1970, weighed down by rising inflation and central bank interest rate hikes and concerns over the Russian war on Ukraine and the corona virus lockout in China.

The rise in bond yields at the beginning of the year and the historically high share ratings first sent technology stocks down, with investors exiting high-rate growth-oriented market stocks, which could lower future returns as promised by growth companies.

On Thursday, Universal Health Services fell 6.1% after releasing second-quarter earnings and earnings guidance lower than expected, helping to reduce the number of patients.

The Walgreens Boots Alliance, one of the biggest losers in the Dow, fell 7.2% after the company reaffirmed its full-year forecast for a single single-digit adjusted return.

Shares of Home Furnishing retail were also down, with shares falling 10.6% after high-end furniture chain RH issued a full-year earnings alert.

In the lead-up to the economic data, the U.S. trade sector on Thursday saw its key PCE price index rise 4.7% in May, down 0.2% from the previous month.

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