Stocks sink on Wall Street fears of higher rates for longer

Stocks experienced a decline on Friday, concluding the week with losses following the Federal Reserve’s indication of prolonged higher interest rates.

The S&P 500 (^GSPC) recorded a 0.2% decrease, while the Dow Jones Industrial Average (^DJI) retreated by approximately 0.3%, equivalent to 100 points. The tech-centric Nasdaq Composite (^IXIC) posted a slight 0.09% decline.

In recent days, market sentiment has turned cautious as it assessed the consequences of the Fed’s commitment to maintaining elevated borrowing costs as a means to combat inflation.

Federal Reserve Chair Jerome Powell’s comments did little to instill confidence that the U.S. economy would escape a potential recession, Yahoo Finance reported.

READ MORE: https://finance.yahoo.com/news/stocks-sink-on-wall-street-fears-of-higher-rates-for-longer-stock-market-news-today-164045828.html

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