- Apr 28, 2015
- Reaction score
- Third Coast
- Political Leaning
Dow falls nearly 1,000 points on rate hike fears and poor earnings from Verizon
Stocks plunged Friday.
The Dow fell about 980 points, or 2.8%, following comments about likely aggressive interest rate hikes from Federal Reserve chairman Jerome Powell. A poor earnings outlook from Dow component Verizon didn't help matters.
All 30 stocks in the Dow ended the day lower, led by Verizon (VZ), which fell more than 5.5%, and Caterpillar (CAT), which plunged 6.5%. Dow component American Express (AXP) was off nearly 3% in response to its latest earnings. Stocks finished near their lows of the day. The Dow was down as much as 1,019 points heading into the close.
What a finish to what was already a losing week!