NASDAQ Bloodied Wednesday on Fed Word

NASDAQ Bloodied Wednesday on Fed Word

(MENAFN- Baystreet. ca) NASDAQ Bloodied Wednesday on Fed Word Advertisment Stocks fell sharply Wednesday, with the Dow Jones Industrial Average suffering its first decline of 2022, as Wall Street geared up for potentially tighter U. S. monetary policy. The blue-chip index went into a tailspin and descended 392. 54 points, or 1. 1%, from Tuesday's all-time record, concluding the day at 36, 407. The S&P 500 index dipped 92. 96 points, or 1. 9%, to 4, 700. 58. The NASDAQ tumbled 522. 54 points, or 3. 3%, at 15, 100. 17. The tech-heavy index saw its biggest one-day loss since February. Rates also jumped, putting pressure on equities, after the minutes from the Federal Reserve's most recent meeting showed the central bank has discussed reducing its balance sheet shortly after it raises rates later this year. The Fed is tapering its bond purchases now and has already indicated to the market that it will raise rates soon after it finishes that taper in March. But the market is awaiting indications from the Fed on what it will do with its nearly $9-trillion balance sheet once it's done increasing it. The minutes show officials to be considering shrinking the balance sheet