Economy

Worst week for the Dow Jones index in ten years

The US stock exchange was hit by a new heavy fall on Friday. The development of the Dow Jones index last week is the worst since the financial crisis took place in 2008.

When the stock exchanges closed, the Dow Jones index had fallen 1.8 percent to 22,445 points. The decline over the past week is around 7 per cent.

The technology-intensive Nasdaq index rallied a full 3 per cent during Friday. The fall in the broader S&P 500 index was 2.1 per cent.

Concern for, among other things, weakening global growth, trade disputes between the US and China and US interest rate hikes have led to sharp stock market falls in recent months. The Nasdaq index is now more than 20 percent lower than the peak in August.

The budget confrontation of the US Congress has also contributed to the stock market falls in recent days. President Donald Trump has so far refused to accept budget proposals that do not include money for the wall he wants to build along the border with Mexico.

If the president and the majority in the Senate fail to reach agreement, many US government agencies may have to shut down due to lack of money from night to Saturday.

 

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