Dow falls 740 points to end below 30,000 as recession fears sink stocks

Stocks fell sharply Thursday, more than erasing a bounce that followed the Federal Reserve’s 75 basis point rate hike in the previous session, with analysts citing intensifying recession fears as global central banks aggressively tighten monetary policy. The Dow Jones Industrial Average dropped around 739 points, or 2.4%, to end near 29,929, according to preliminary figures, while the S&P 500 shed around 123 points, or 3.2%, to finish near 3,667. The Nasdaq Composite dropped around 454 points, or 3.4%, ending near 10,646.

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