Monday, August 5, 2024

Breaking: Wall Street hammered after global markets slide on US recession worries: Major indexes plunge around 3% or more

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Mon Aug 5 2024

Stock market updates: Recession fears send global markets plunging

The trading numbers are displayed on the floor of the New York Stock Exchange on March 11, 2020 in New York. - Wall Street stocks dove deeper into the red in afternoon trading on March 11, 2020, with losses accelerating after the World Health Organization declared the coronavirus a global pandemic. Near 1710 GMT, the Dow Jones Industrial was down more than 1,200 points, or 5.0 percent, at 23,777.17. The broad-based S&P 500 slumped 4.6 percent to 2,749.88, while the tech-rich Nasdaq Composite Index tumbled 4.4 percent to 7,979.15.

Speaking to USA TODAY, Chicago Federal Reserve President Austan Goolsbee suggested conditions were right for a rate cut.

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