10/7, 4:09 PM (Source: TeleTrader)
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Dow down by 500 points on Fed rate hike fears

Major stock market indexes in the United States extended their losses after opening in the negative territory on Friday, with the Dow Jones Industrial Average going down by more than 500 points. The move came amid analysts' expectations that a somewhat uplifting report on nonfarm payrolls in September will encourage the Federal Reserve to impose another significant hike in interest rates at its meeting next month.

The Dow plunged by 1.68% or 502 points at 10:09 am ET. At the same time, the Nasdaq 100 fell by 2.68% or 307 points. The S&P 500 declined by 2.11%.

The euro dropped by 0.45% against the dollar at 10:10 am ET to sell for $0.97465.

Baha Breaking News (BBN) / JR