Headline RoundupMay 9th, 2022

Wall Street Continues to Slide Amid Inflation, Interest Rate Hikes and More

Summary from the AllSides News Team

Major stock indexes and cryptocurrency values continued to drop on Monday as investors weighed higher interest rates, persistent inflation and rumors of a potential recession. 

Bitcoin fell below $32,000 on Monday, down about 12% from Friday evening. By Monday afternoon, the Dow Jones Industrial Average had fallen 500 points, and the S&P 500 hit a new 52-week low. 

The Federal Reserve raised interest rates by twice the usual quarter-point increase on May 4 in an attempt to cool the economy and slow down inflation. President Joe Biden is expected to deliver remarks on inflation on Tuesday ahead of Wednesday’s scheduled CPI inflation report.

Coverage was widespread and prominently displayed in business-focused outlets on Monday. Coverage across the spectrum cited inflation as a concern for investors, with some also citing interest rates, recession fears, and COVID-19 lockdowns in major Chinese manufacturing hubs

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