Wall Street tests June lows on recession worries

SEPT 23 — Wall Street's main indexes fell today as investors fretted over the prospect of an economic downturn and a hit to corporate earnings from the US Federal Reserve's aggressive policy tightening moves to quell inflation.

"The most recent Fed actions leave us with the feeling that the end of the rate rises is not near," said Rick Meckler, a partner at Cherry Lane Investments in New Vernon, New Jersey. Goldman Sachs cut its year-end 2022 target for the benchmark S&P 500 index by about 16 per cent to 3,600 points, a 2.5 per cent decline from current levels.

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