The Three Major US Stock Indexes Closed Lower

IconCryptoNewsTerminal Staff22 May, 2024

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The Three Major US Stock Indexes Closed Lower

The three major US stock indexes closed lower on Friday, with the Dow Jones Industrial Average falling more than 500 points. The S&P 500 fell 0.27%, the Nasdaq Composite fell 0.18%, and the Dow Jones Industrial Average fell 0.51%. This decline followed a strong rally in the previous session, when the Dow Jones Industrial Average gained more than 400 points. The decline in the major stock indexes was led by losses in the technology sector. The Nasdaq Composite, which is heavily weighted towards technology stocks, fell 0.18%. The decline in the technology sector was led by losses in the shares of Apple, which fell 0.94%. Other technology stocks that declined included Microsoft, which fell 0.64%, and Amazon, which fell 0.58%. The decline in the major stock indexes was also due to concerns about the Federal Reserve's interest rate hike path. The Federal Reserve is expected to raise interest rates again in the coming months, which could slow down economic growth and hurt corporate profits.

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