US stock exchanges with biggest losses in almost two years

new York Investors are fleeing the US stock markets for fear of more drastic interest rate hikes by the Fed and the consequences for the economy. The Dow Jones standard value index fell 3.7 percent on Wednesday to 31,450 points, falling by more than 800 points for the fifth time this year. The broad S&P 500 lost a good four percent and the technology-heavy Nasdaq even almost five percent.

“Markets don’t like uncertainty,” said Brooke May, partner at wealth management firm Evans May. “It’s unclear how far the Fed will have to go to get inflation under control. Higher interest rates hurt consumer spending and also corporate profits.”