2/3, 10:01 PM (Source: TeleTrader)
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Wall Street sinks at close on new rate hike concerns

Major stock markets in the United States recorded deep losses at the end of the week, as investors assessed the Federal Reserve's path ahead on interest rates as well as the economic data and major earnings published over the week.

The last trading day was marked by strong unemployment data that hinted the Fed will likely continue rate hikes in the coming months, as well as activity improvements across the US services sector. Earlier, tech giants Apple, Alphabet, Amazon and Meta Platforms published their quarterly results.

The Nasdaq 100 led the losses by plunging 1.79% or 229 points at the closing bell, with Amazon tumbling 8.43%. Simultaneously, the S&P 500 lost 1.04%, but still made its fourth weekly gain. The Dow Jones lost 0.38% or 127 points led by Microsoft's 2.36% decline.

Baha Breaking News (BBN) / ND