Financial markets convulsed as investors flee stocks in search of safety
Traders works the floor of the New York Stock Exchange, All three major U.S. indices were in a steep decline in early afternoon trading Friday on worries that a recession may finally be on the horizon. By Thomas Heath Thomas Heath Local business reporter and columnist, writing about entrepreneurs and companies in the Washington metropolitan area Email Bio Follow March 22 at 1:24 PM Markets plunged Friday when a closely watched economic measure warned that sluggish global growth could tip the U.
The S&P 500 shed 42 points, or 1.5 percent. The Nasdaq Composite was down more than 150 points, or 1.9 percent, its first drop in six sessions. “The yield curve inversion, coming quickly after a dramatic ‘about face’ for the Fed, is undermining investor confidence,” said Kristina Hooper, global strategist at Invesco. “At the end of the day, we have to remember that an inverted yield curve doesn’t cause a recession, it’s just a good indicator that one is coming. Investors should not be panicking.”
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