Dow sinks to 2022 low as recession fears roil world markets

Dow
The New York Stock Exchange is seen, Friday, Sept. 23, 2022, in New York. Stocks tumbled worldwide Friday on more signs the global economy is weakening, just as central banks raise the pressure even more with additional interest rate hikes. (AP Photo/Mary Altaffer)

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Markets sold off around the world on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional hikes to interest rates.

The Dow Jones Industrial Average closed at its lowest point since 2020 Friday. The S&P 500 fell 1.7%, close to its 2022 low.

Energy prices also closed sharply lower as traders worried about a possible recession.

Treasury yields, which affect rates on mortgages and other kinds of loans, held at multiyear highs.

U.K. government bond yields snapped higher after that country’s new government announced a sweeping plan of tax cuts.

Categories: National News, News