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Wall St slides, Dow set for worst first-half since 1962

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US stocks slipped today, setting the Dow up for its worst first six months since 1962, on concerns that a dogged pursuit by central banks to tame inflation would hamper global economic growth.

Fears over slowing growth and surging prices have rippled through markets, with recession worries taking center stage as monetary policymakers across the world look to aggressively raise borrowing costs.

All the three main indexes are on course to post their second straight quarterly declines for the first time since 2015. Meanwhile, consumer spending, which accounts for more than two-thirds of US economic activity, rose less than expected in May, indicating a tepid rebound in growth in the second quarter, while inflation maintained its upward trend.

At 12:01 pm ET the Dow Jones Industrial Average was down 224.38 points, or 0.72%, at 30,804.93, the S&P 500 was down 22.26 points, or 0.58%, at 3,796.57 and the Nasdaq Composite was down 90.17 points, or 0.81%, at 11,087.72.

 

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