Blue-chip stocks plummet, pulling Dow lower
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Blue-chip stocks plummet, pulling Dow lower
Thursday, December 22, 2022 4:10 pm19 Comments
The major U.S. benchmarks are erasing gains made earlier in the week as key blue-chip stocks pull the Dow down, extending its year-to-date deficit. Before recovering some losses, the index tracking 30 large, publicly-owned companies fell as much as 800 points to an intraday low of 32,573.43 around 1:30 p.m. Eastern time.
In an interview with FOX Business, Edward Moya, a senior market analyst for OANDA in New York said, “It looks like the Grinch is here to stay.”
“Investors are nervous that we have yet to see the true impact of global central bank tightening, and they will remain overly defensive and shy away from interest-rate sensitive sectors,” he explained. “Boring stocks with nice dividend returns will start to look attractive again, while some investors will give fixed income a good look as yields become more attractive than investing in some of the major indexes.”
Last week, the U.S. Federal Reserve remained committed to its interest rate hike strategy, moving the fed funds rate 50-basis points higher to cool inflationary pressures not seen in more than four decades. Many observers expect the Fed’s policy moves to send the U.S. economy into a recession.
MacDailyNews Note: Apple ended the day down $3.22 (-2.38%) to $132.23.
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