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BREAKING
Yemeni Armed Forces: The blockade on the Port of Haifa comes following the successful imposition of the siege on the Port of Umm al-Rashrash, which has since ceased operations
Yemeni Armed Forces: The Port of Haifa is now officially part of our target bank
Yemeni Armed Forces calls on companies with ships currently in the Port of Haifa or en route to it to take into account the contents of the statement and any forthcoming announcements
Yemeni Armed Forces: The imposition of a blockade on the Port of Haifa comes in response to the enemy’s escalation of its brutal aggression against Gaza and the continued siege and starvation
Yemeni Armed Forces: Our decisions and operations against the occupying entity will not cease until the aggression on Gaza ends and the blockade on it is lifted
Yemeni Armed Forces: We have decided to begin enforcing a naval blockade on the Port of Haifa, which is now among our list of designated targets
The Israeli occupation has released the child Mohammad, the son of martyr Ahmad Sarhan, whom it abducted earlier today from Khan Younis in the southern Gaza Strip, but his mother remains in detention
UK, France, and Canada in a joint statement: The Israeli Government’s denial of essential humanitarian assistance to the civilian population is unacceptable and risks breaching International Humanitarian Law
Leaders of UK, France, and Canada warn that their countries would take action if "Israel" does not stop a renewed military offensive in Gaza and lift aid restrictions
Putin says Trump in conversation expressed his position on cessation of hostilities in Ukraine

Wall Street plummets for second week in a row

  • By Al Mayadeen net
  • Source: Agencies
  • 15 Apr 2022 08:52
3 Min Read

S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite have been down 2.2% on a weekly basis.

  • x
  • (FinancialTribune)
    The three major US stock indices were down 2.2% on a weekly basis

Wall Street fell for the second week in a row after Federal Reserve Bank of New York President John Williams indicated that raising interest rates was a "reasonable option" for combating inflation, heightening fears that the economy will enter a slump as a result of the central bank's policies.

The three major stock indices on Wall Street, the S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite, all sank 1.4% on average last week.

At closing on Thursday, the three major US stock indexes – the S&P 500, the Dow Jones Industrial Average, and the Nasdaq Composite – had fallen by an average of 1.2%. They were down 2.2 % on a weekly basis, completing the week a day early than normal owing to the Good Friday holiday.

Stocks fell in three of the week's four sessions, as Treasury yields jumped on expectations that the Fed may rapidly hike interest rates to confront decades-high inflation. Stock option expirations on Thursday amplify equity market moves.

The yield on the ten-year US Treasury note surpassed 2.8% in Thursday's trading after Williams stated that speeding up the pace of monetary tightening to include half-percentage-point increments is a viable option.

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The S&P 500, which includes the top 500 US equities, fell 54 points, or 1.2%, to 4,393. It decreased 2.4% for the week.

The Dow, which encompasses travel and aviation, ended the day down 113 points. It fell a total of 0.4% for the week.

Read more: The US is running out of money, literally (Part I)

On March 16, the US Federal Reserve authorized its first rate rise since the epidemic, boosting rates by 25 basis points, or a quarter percentage point. Since then, several of its policymakers have stated that the March rise was too mild, and that additional forceful hikes of 50 basis points, or half a percentage point, may be required. This year, the Federal Reserve may make up to seven rate changes.

After cutting rates virtually to zero during the COVID-19 epidemic, the Federal Open Market Committee, or FOMC, authorized the first pandemic-era rate rise on March 16, boosting rates by 25 basis points, or a quarter point.

Since then, many FOMC members have determined that the boost was too mild to rein in inflation, which has been accelerating at its highest rate since the 1980s, and that more severe hikes of 50 basis points may be required in the future.

The central bank's usual inflation objective is only 2% per year, which it considers "neutral".

  • United States
  • US
  • Stock market
  • inflation
  • Wall Street

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