Wall Street closed with losses this Thursday in its worst semester since 1970, little stimulated by the persistent and high inflation in the United States.
The main index the industrial Dow Jones, lost 0.82%, the Nasdaq, of technological values, yielded 1.33% and the expanded S&P 500 index fell 0.86%according to the final data of the day.
Since the beginning of the year, the Dow lost 15.31% and the Nasdaq sank 29.51%, marking the worst start to the year in its history. The S&P 500 fell 20.52 percent.
The downward trend was almost constant since January. It only broke at the end of March and for other short stretches in a fairly steady pullback.
A series of bad inflation data led the Federal Reserve (Fed) to adopt increasingly aggressive measures to try to curb upward pressure on prices. Two weeks ago, the Fed raised interest rates by three-quarters of a point, the biggest hike in almost 30 years. The markets think that in July the same thing could happen again.
Data from the Commerce Department showed Thursday that US household spending grew just 0.2% in May and that’s part of a steady downward trend as consumers pull back amid rising prices.
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