Dow plunges 430 pts at close after latest economic data
Major stock market indexes in the United States closed lower on Thursday after another hot batch of economic reports signaling that the economy is resisting the Federal Reserve's rate hikes.
Before the opening bell, the Bureau of Labor Statistics revealed that producer prices in the United States advanced by 0.7% in January. Meanwhile, the country saw a decline in jobless claims, down by 1,000 to 194,000 in the week ending February 11. During the session, the dollar rose in tandem with treasury yields and major cryptocurrencies, Bitcoin and Ether.
At the close, the Dow Jones lost 1.26% or 431 points, with Walt Disney sinking 3.14%. The Nasdaq 100 fell 1.93%, Datadog was leading the losses decreasing by 7.04%, and the S&P 500 declined 1.38%, as Organon Co plunged by 15.04%. The euro was down by 0.16% against the dollar at 3:57 pm ET, selling for $1.06736.