Wall Street tumbles on growing concerns over economic growth

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NEW YORK, Sept 29 — US stock indexes slipped today as worries of a global economic downturn from aggressive central bank rate hikes and risks of potential contagion from a...

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NEW YORK, Sept 29 — US stock indexes slipped today as worries of a global economic downturn from aggressive central bank rate hikes and risks of potential contagion from a turmoil in UK markets turned investors risk averse.

Sterling fell and bond prices slid, with the selloff in British assets spilling over to even safe-haven US Treasuries and top-rated German bonds. “You need to see the market beginning to stabilise and that’s not going to happen until it gets a sense of whether or not the Fed is done raising interest rates or earning season comes in better than expected,” said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut.

Data showed the US labour market remained resilient as the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, while gross domestic product fell at an unrevised 0.6 per cent annualised rate in the last quarter. American Airlines fell about 3.84 per cent, while United Airlines Holdings, Southwest Airlines and Delta Air Lines fell between 3.54 per cent and 4.37 per cent.

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