• Dow plunges 485 points to hit new closing low for the year as interest rate and recession fears roil markets

    2 days ago - By Business Insider

    Traders work on the floor of the New York Stock Exchange Spencer Platt/Getty Images
    US stocks tumbled again on Friday, with the Dow plunging more than 500 points.
    Markets continued to reel from the Fed's rate hike and hawkish forecasts earlier in the week.
    US oil prices sank below $80 a barrel as recession fears rose and the dollar hit a fresh 20-year high.
    US stocks sold off for a fourth straight day on Friday as fears of higher interest rates and slowing economic growth continued to roil markets. The Dow Jones Industrial Average entered a bear market intraday after falling 20% from its...
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  • The UK pound slides to 37-year low against the dollar as the new British government's mini-budget spurs worries about further inflationary pressures

    2 days ago - By Business Insider

    A UK 10 pound note featuring Queen Elizabeth II's image lies alongside a US dollar bill. Photo Illustration by Matt Cardy/Getty Images
    The UK pound hits a fresh 37-year low against the US dollar on Friday.
    Pound sterling fell below $1.09 as the UK's new government outlined tax cuts and other moves to bolster economic growth.
    The British economy is dealing with consumer price inflation hovering around 10%.
    The UK pound sharply dropped to a nearly four-decade low against the US dollar on Friday on fears the government's plan to bolster economic growth will fan inflation flames. The pound...
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