Dow tumbles more than 900 points, heads for biggest decline in 3 months – CNBC
Stocks fell sharply Thursday after new data showed retail sales fell more than expected in November, raising fears that the Federal Reserve’s relentless interest rate hikes are tipping the economy into a recession.
The Dow Jones Industrial Average fell 918 points, or 2.7%, heading for its worst day since September as hopes for a year-end rally diminished. The S&P 500 dropped 2.77% bringing its decline for December to nearly 5%. The Nasdaq Composite tumbled 3.33% as the battered tech-heavy index stretched its 2022 losses to more than 31%.
The sell-off was broad-based with only 14 stocks in the S&P 500 trading in positive territory. Mega-cap tech stocks declined, with shares of Apple and Alphabet down more than 4%, and shares of Microsoft and Amazon lower by more than 3%. Shares of Netflix fell more than 9% following a Digiday report that said the streaming firm is offering to return money to advertisers after missing viewership targets.
Biggest Dow declines of the year
| Date | Points | % |
|---|---|---|
| 09/13/2022 | -1,276 | -3.94 |
| 05/18/2022 | -1,165 | -3.57 |
| 05/05/2022 | -1,063 | -3.12 |
| 08/26/2022 | -1,008 | -3.03 |
| 04/22/2022 | -981 | -2.82 |
| 06/13/2022 | -876 | -2.79 |