Frankfurt Ups and downs on Wall Street: The prospect of further drastic interest rate hikes by the Federal Reserve spoils the mood of US investors. The US blue chip index Dow Jones and the broader S&P 500 closed down 0.4 percent and 0.2 percent respectively on Tuesday after initial gains. At 29,135 and 3647 points, they were temporarily as low as they were about two years ago.
The Dow Jones is well in bear market territory, which by technical definition begins when the readings are more than 20 percent below the high. The technology-heavy index is the only one to close with a slight plus of 0.2 percent.
Leading US central bankers pushed for a further tightening of monetary policy and raised the issue by at least another percentage point by the end of the year. The Fed had recently raised the key rate by 0.75 percentage points three times in a row.
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