Posted on 05/05/22
| News Source: FOX Business
The S&P 500 fell 3.5% and the Nasdaq Composite tumbled 5%, while Dow Jones Industrial Average slid over 1,059 points or 3%.
All 11 of the S&P's largest sectors fell led by consumer discretionary, technology, and materials. Energy names fell the least.
The slide came as worker productivity fell to the lowest level since 1947 falling 7.5% in the first quarter, as reported by the Bureau of Labor Statistics. This dismal reading comes one day after the Federal Reserve raised interest rates by a half a point for the first time in two decades and Chairman Jerome Powell signaled the economy can avoid a recession. The Fed raised its key rate to a range of 0.75% to 1%, the highest point since the coronavirus pandemic struck two years ago.