Wall Street plunges as recession fears grow

Published by
Reuters

By Chuck Mikolajczak NEW YORK (Reuters) – U.S. stock indexes closed sharply lower on Thursday in a broad sell-off as recession fears grew following moves by central banks around the globe to stamp out rising inflation after the Federal Reserve’s largest rate hike since 1994. The benchmark S&P 500 suffered its sixth decline in seven sessions. Stocks had rallied on Wednesday as the Fed delivered an aggressive 75 basis point rate hike, as expected, to help the index snap its longest daily losing streak since early January. But rate hikes by Switzerland and Britain on Thursday reignited fears that…

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