Dow Plunged 900 points and the Nasdaq Shed 4% on Friday Closing Out a brutal Month

Dow Jones
Dow Jones

U.S. stocks plummeted Friday with the Nasdaq Composite suffering its worst month since 2008, as Amazon became the latest victim in April’s technology-led sell-off.

The tech-heavy Nasdaq Composite slipped roughly 4.2% to 12,334.64, hauled by Amazon’s post-earnings plummet. The S&P 500 retreated by 3.6% to 4,131.93. The Dow Jones Industrial Average shed 939.18 points, or close to 2.8%, to 32,977.21. The Nasdaq finished at a new low for 2022.

Stocks closed out a brutal month as investors were frightened by the Federal Reserve’s monetary tightening, hiking rates, inflation, the ongoing war in Ukraine, and Covid cases surge in China

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“The markets are trying to wrap around a lot of different cross-currents,” BMO Wealth Management’s Yung-Yu Ma said. “With the Fed raising rates and all the uncertainties that the global economy is facing, it’s hard to get excited about paying the multiples that currently prevail in a lot of places in the market.” 

The Nasdaq plummeted about 13.3% in April, its worst monthly performance since October 2008 amid the financial crisis. The S&P 500 shed 8.8%, its worst month since March 2020. The Dow was down 4.9% on the month.