Build Back Better Delivers: Dow Tumbles Below 30,000 as Lingering Inflation Scares off Investors

Wall Street’s main indexes fell on Friday as investors fretted over the prospect of an economic downturn and a hit to corporate earnings from the Federal Reserve’s aggressive policy tightening moves to quell inflation.

The Dow breached its mid-June lows on an intraday basis to touch 29,643.93 points and hit a near-two year low.

The S&P 500 and the Nasdaq are also closing in on mid-June lows, their weakest points for the year.

In midday trading, the Dow Jones Industrial Average was down more than 400 points, or 1.4%, at 29,668.18, the S&P 500 was down 65 points, or 1.6%, and the Nasdaq Composite was down nearly 200 points, or 1.7%.