Even gold, a usual comfort zone for risk-shy investors, dropped almost a percentage point. The S&P 500 and Dow Jones Industrial Average each tumbled over 3%. Those fears returned with a vengeance on Thursday as companies weighed the impact of rising prices on the consumer spending that has fueled economic growth.Įquity markets were hard-hit with the tech-focused Nasdaq plummeting over 1,000 points, its poorest performance since 2020. Powell's comments soothed investors, who have been fearful that the Fed's recent aggressiveness will send the U.S. economy and said that the Fed wouldn't consider a three-quarter point increase at its next meeting.
Federal Reserve Chairman Jerome Powell highlighted the strength of the U.S. On Wednesday, investors had piled into cryptos and other higher risk assets after U.S. Other major altcoins fell significantly into the red a day after a relief rally that followed the Federal Reserve's long-awaited announcement of a half-point interest rate hike with ADA, AVAX and AXS down 10%, 11% and 12% respectively at one point. Ether, the second largest crypto, was trading at about $2,750, its lowest mark since March and down 6.5% from the previous day. Bitcoin was more recently trading just above $36,500, off about 8% over the past 24 hours. The largest cryptocurrency by market capitalization fell by as much as 10%, dropping below $36,000, its lowest level since January. Wednesday's assets rally seemed like a distant memory as investors faced the cold reality of higher interest rates and a global economy that is shaking to its core.
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