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Wall Street slumped as stocks fell worldwide on expectations for U.S. interest rates to stay high well into next year NEW YORK -- Wall Street fell sharply Thursday in an ugly day for stocks worldwide on expectations that U.S. interest rates will stay high well into next year. The S & P 500 lost 1.6% for its worst day since March. That followed a drop of 0.9% from Wednesday after the Federal Reserve indicated it may cut interest rates next year by just half of what it had earlier predicted. The Fed has already hiked its main interest rate to levels unseen since 2001, which helps slow inflation but at the cost of hurting investment prices. High-growth stocks are typically among the hardest hit by high rates, and Big Tech stocks took the brunt of the pain for a second straight day. The Nasdaq composite dropped 1.8% as Amazon fell 4.4%, Nvidia dropped 2.9% and Telsa lost 2.6%. The Dow Jones Industrial Average dropped 370 points, or 1.1%. Stock prices tend to fall when rates rise becaus...

Shares are mostly lower in Asia as optimism over a Wall Street rally is countered by worries about the Chinese economy TOKYO -- Shares were mostly lower Tuesday in Asia as optimism over a Wall Street rally was countered by worries about the Chinese economy. Shares rose in Tokyo but fell in most other regional markets. Hong Kong’s benchmark lost nearly 2% as it reopened after a weather related closure on Monday. On Monday, China reported weaker economic growth for the spring than most economists had expected. Its recovery following the removal of anti-COVID restrictions has fallen short of forecasts. That has helped to limit inflation globally but it also is hindering a main engine of growth for the world economy. Japan's benchmark Nikkei 225 rose 0.2% to 32,438.27. Markets in Tokyo also were closed Monday, for a holiday. Australia's S &P/ASX 200 shed 0.3% to 7,276.00. South Korea's Kospi lost 0.5% to 2,606.19. Hong Kong's Hang Seng gave up 1.9% to 19,037.07, whil...

Another drop for stocks has Wall Street on track to close out its first losing week in the last six NEW YORK -- Another drop for stocks on Friday has Wall Street on track to close out its first losing week in the last six. The S &P 500 was 0.4% lower in afternoon trading, pulling back further from last week when it reached its highest level in more than a year. The Dow Jones Industrial Average was down 135 points, or 0.4%, at 33,812, as of 1:56 p.m. Eastern time, while the Nasdaq composite was 0.5% lower. Overseas markets also fell, while crude oil prices sank on worries that a global economy under threat of a recession will burn less fuel. Europe’s economy appears to be weaker than expected, according to a preliminary report measuring manufacturing and services Business es. That’s adding to this week’s hesitance in market s, caused by a crank higher in interest rates by central banks around the world as they try to get high i NFL ation under control. High rates drive down i NFL a...

U.S. stocks drifted lower to start what could be a quiet stretch following several weeks of gains NEW YORK -- U.S. stocks drifted lower Monday to start what could be a quiet stretch following their best week since March. The S &P 500 lost 8.58 points, or 0.2%, to 4,273.79. The Dow Jones Industrial Average fell 199.90, or 0.6%, to 33,562.86, while the Nasdaq composite slipped 11.34, or 0.1%, to 13,229.43. The majority of stocks on Wall Street sank after a report showed growth fell short of economists' forecasts for businesses in the construction, accommodation and other U.S. services industries last month. It was still a fifth straight month of expansion, though. It's the latest mixed reading for a U.S. economy that has defied forecasts for a recession but has begun to slow under the weight of higher interest rates. “There’s this muddle-through environment that the market is starting to work through,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial....