US leads global stock market plunge
Donald Trump adds to market confusion by calling US Fed rate hike ‘crazy’
Stock markets around the globe have suffered heavy losses, following a dramatic plunge on Wall Street that saw the US Dow Jones Index drop by more than 3.15%, it’s steepest single-day fall since early February.
The BBC reports that the fall on Wall Street was precipitated in part by the US Federal Reserve decision to raise interest rates, “a move that tends to make it more expensive for companies to borrow, hurting bottom lines and turning stocks into a less attractive investment”.
Rising bond yields, fears of a global economic slowdown and escalating trade tensions between the US and a number of its trading partners also contributed to the steep losses, the Wall Street Journal says.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Donald Trump played down the plunge on US markets as a “correction”, while also repeating his ongoing criticism of the US Fed decision to raise interest rates.
“Actually it’s a correction that we’ve been waiting for a long time, but I really disagree with what the Fed is doing. I think the Fed has gone crazy,” Trump said.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Today's political cartoons - April 27, 2024
Cartoons Saturday's cartoons - natural gas, fundraising with Ted Cruz, and more
By The Week US Published
-
Aid to Ukraine: too little, too late?
Talking Point House of Representatives finally 'met the moment' but some say it came too late
By The Week UK Published
-
5 generously funny cartoons on the $60 billion foreign aid package
Cartoons Artists take on Republican opposition, aid to Ukraine, and more
By The Week US Published
-
Puffed rice and yoga: inside the collapsed tunnel where Indian workers await rescue
Speed Read Workers trapped in collapsed tunnel are suffering from dysentery and anxiety over their rescue
By Sorcha Bradley, The Week UK Published
-
Gaza hospital blast: What the video evidence shows about who's to blame
Speed Read Nobody wants to take responsibility for the deadly explosion in the courtyard of Gaza's al-Ahli Hospital. Roll the tape.
By Peter Weber, The Week US Published
-
Flies attack Donald Trump
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Giraffe poo seized after woman wanted to use it to make a necklace
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Helicopter sound arouses crocodiles
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Woman sues Disney over 'injurious wedgie'
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Emotional support alligator turned away from baseball stadium
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Europe's oldest shoes found in Spanish caves
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published