Tuesday, May 21, 2024
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As Economic Worries Resurface, the Dow Drops Over 400 Points in its Lowest Day Since March

The most recent data on home sales and consumer confidence on Tuesday fueled worries about the status of the American economy, which led to a decline in the Dow Jones Industrial Average.

It was the lowest day for the Dow since March as it dropped 388.00 points, or 1.14%, to 33,618.88. The 200-day moving average of the 30-stock index was below for the first time since May.

The S&P 500 dropped 1.47 percent to 4,273.53, falling below 4,300 for the first time since June 9. The Nasdaq Composite dropped to 13,063.61 as the Nasdaq Composite fell 1.57%.

The Federal Trade Commission launched an antitrust complaint against Amazon, alleging that the online retailer artificially raises prices and harms competitors. This caused Amazon shares to decline by 4%, the largest among mega-cap tech stocks.

New home sales in August fell short of projections. According to the Commerce Department, the number of houses under contract for the month was 675,000, a decrease of 8.7% from July. 695,000 was the figure predicted by economists surveyed by Dow Jones, a 2.7% decrease from unrevised July totals.

Source (CNBC)

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