U.S. stock markets continue downward trajectory, Dow drops 171 points

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NEW YORK, New York – U.S. stocks remained on the defensive Thursday, a day after recording major falls across the board.

The Dow Jones took another major hit as the prospect of higher interest rates kept buyers at bay.

“People now are recognizing that rate hikes are coming and the question is just the timing of that,” David Keller, chief market strategist at StockCharts.com told Reuters Thursday.

“What we’re seeing so far in early 2022 is a similar sort of environment of elevated volatility, elevated uncertainty, and elevated interest rates, and the reality of what higher rates are going to mean for different sectors.”

The Dow Jones shed 170.64 points or 0.47 percent to 36,236.47.

The Nasdaq Composite lost 19.71 points or 0.13 percent to 15,080.87.

The Standard and Poor’s 500 edged down 4.53 points or 0.10 percent to 4,696.05.

Overseas, in Paris, the CAC 40 was the hardest hit, losing 1.72 percent. The Dax in Germany gave up 1.35 percent. In London, the FTSE 100 was down 0.88 percent.

The worst performer in the Asia Pacific region on Thursday was the Nikkei 225 in Tokyo which tumbled 844.29 points or 2.88 percent to 28,487.87.

The Australian All Ordinaries plummeted 220.30 points or 2.79 percent to 7,679.30.

China’s Shanghai Composite edged down 9.10 points or 0.25 percent to 3,586.08.

Going against the trend, the Hang Seng in Hong Kong gained 143.52 points or 0.63 percent to close Thursday at 23,050.77.