Dow Jones slumps over 900 points for worst daily loss since 2020

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The Dow Jones industrial average plummeted more than 900 points on Friday to post its worst daily loss since October 2020. 

The blue-chip index lost 981 points, or 2.82%, to close at 33,811. The S&P 500 dove 121 points, or 2.77%, to 4,271.

Tech-heavy Nasdaq decreased 335 points, or 2.55%, to end the day at 12,839.

The decline in indices came amid American companies’ disappointing financial results for the first quarter, and the Federal Reserve officials indicating this week that the central bank will make a 50 basis points of rate hike in its next meeting on May 4.

The yield on 10-year US Treasury notes fell 0.63% to 2.899%.

The dollar index rose 0.58% to 101.16, while the VIX volatility index, known as the fear index, jumped 24.2% to 28.18.

Precious metals declined, with gold losing 0.9% to $1,933 and silver losing 1.9% to $24.18 an ounce.

Crude oil prices lost more than 2%.

Global oil benchmark Brent crude was trading at $105.57, down 2.5%, while US benchmark West Texas Intermediate (WTI) was at $101.11 with a 2.6% loss.

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