The market drops to bear territory following the Federal Reserve’s historic rate hike US stocks plummeted on Thursday, with the Dow Jones Industrial Average falling 700 points below 30,000 for the first time in more than a year. The S&P 500 index slid 3.2%, while the Nasdaq Composite plunged 4%. They are now both in bear markets, down about 23% and 34% from their highs in January of 2022 and November of 2021, respectively. The Dow is also approaching bear market territory, down about 19% from its recent highs. The nosedive follows Wednesday’s rate hike by the US Federal Reserve, the biggest in 28 years. It is the
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