Traders work on the floor of the New York Stock Exchange on September 21, 2022 in New York City. Stocks dropped in the final hour of trading after Federal Reserve Chairman Jerome Powell announced that the Federal Reserve will raise interest rates by three-quarters of a percentage point in an attempt to continue to tame inflation.
The Dow fell more than 700 points, or 2.3%, on Friday, to its lowest level since November 2020. After falling for five days in a row, the index is on track to close the week 1,000 points below where it started. The Nasdaq and the S&P 500 were also down more than 2.5% each. Most Americans have hoped for a"soft landing," where the Fed's steps to stabilize prices brought about only a slight economic decline. But Fed Chair Jerome Powell made it clear on Wednesday that the economy could experience a"hard landing" of a severe downturn.
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