UPDATE: S&P 500 Hits a New 2022 Low and the DJIA Falls 458 Points!

By Staff Reporters

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  • Major US indexes plunged after staging a relief rally in the prior session. 
  • UK prime minister Liz Truss stood by proposed tax cuts, despite a chorus of vocal critics.
  • US Treasury yields hit multi-year highs this week as markets react to growing recession fears. 

Stocks recovered from their steepest losses of the day, with the Dow Jones Industrial Average down over 600 points and the NASDAQ lower by nearly 4% at one point in the afternoon. Major indexes still ended deep in the red, though, with the S&P 500 hitting a new closing low for the year. 

UK prime minister Liz Truss said that she stood by the government’s plan to cut taxes, which earlier in the week rocked markets and sent the pound falling last week to 37-year lows. Top economists including Paul Krugman, Mohamed El-Erian, and Nouriel Roubini have ripped into the new fiscal policy, warning that it could set UK inflation surging even higher and require more aggressive moves by the central bank, upping the risk of recession. 

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INVESTING: https://www.routledge.com/Comprehensive-Financial-Planning-Strategies-for-Doctors-and-Advisors-Best/Marcinko-Hetico/p/book/9781482240283

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