Major stock indices experienced a wave of intense selling last week, fueled by investors’ worries that the global economy would enter a recession.
Each of the S&P 500, the Nasdaq, and the Dow Jones Industrial Average lost more than 1.5% last week, with the Dow finishing at its lowest point since late 2020.
Since its peak in January, the S&P has declined by 23%.
With more than 1,000 points lost just last week, the market has shed more than 5,000 points in the last 12 months.
For businesses looking to expand, borrowing has become more difficult as a result of the Federal Reserve board’s three rate increases in 2022.
As a result, the average interest rate on a 30-year fixed mortgage has increased from 3.3% to 6.7% during the past nine months.
