Dow Posts Biggest Loss Since 2020

CNBC: The Dow Jones Industrial Average posted its biggest loss since 2020 on Wednesday after another major retailer warned of rising cost pressures, confirming investors’ worst fears over rising inflation and rekindling the brutal 2022 sell-off. The Dow shed 1,164.52 points, or 3.57%, to 31,490.07, the average’s biggest decline since June 2020. It’s the lowest close for the Dow since March 2021. The S&P 500 traded 4.04% lower to 3,923.68, also the worst drop since 2020. The Nasdaq Composite slipped 4.73% to 11,418.15, which is the largest fall in the tech-heavy index since May 5 (CNBC). 

Peter Schiff: The U.S. economy and financial markets are in for an unprecedented decline, yet this time the #Fed won’t be able to help. In fact, it will add to the pain. Either it will make the #recession and financial crisis worse or it will make #inflation worse. Most likely it will do both (Twitter)! 

Townhall: Karine Jean-Pierre: The stock market is “not something we keep an eye on every day” (Twitter).