DOW JONES - Short Position
The S&P 500 fell 3.5%, and the Nasdaq Composite tumbled 5%, while Dow Jones Industrial Average slid over 1,059 points or 3%. The slide came as worker productivity fell to its lowest level since 1947, falling 7.5% in the first quarter, according to the Bureau of Labor Statistics. This dismal reading comes one day after the Federal Reserve raised interest rates by a half a point for the first time in two decades and Chairman Jerome Powell signaled the economy can avoid a recession. The Fed raised its key rate to a range of 0.75% to 1%, the highest point since the coronavirus pandemic struck two years ago.
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