US Stocks Drop for a Second Day; Oil Snaps Rally: Markets Wrap
- Investors also digested a bevy of US economic data on Thursday
- The dollar rose and the pound fell; Treasuries were mixed
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Stocks dropped and the dollar rallied after a wave of rate hikes from central banks this week, with the Federal Reserve and the European Central Bank warning of more pain to come.
The S&P 500 fell more than 2%, closing at its lowest level in more than a month. The tech-heavy Nasdaq 100’s losses exceeded 3%, with yield-sensitive stocks taking a hit. Equities in Europe also closed Thursday lower after the ECB’s upward revision to 2024 inflation projections.