The daily business briefing: June 17, 2022

Stocks plunged Thursday but futures rise, Biden says recession isn't "inevitable," and more

Joe Biden
(Image credit: Al Drago/Bloomberg/Getty Images)

1. Stocks plunge as recession fears mount, but futures rise

U.S. stocks plunged on Thursday as mounting concerns about high inflation and the threat of a recession rattled Wall Street. The Dow Jones Industrial Average fell 2.4 percent and closed below 30,000 for the first time since January 2021. It is now down 18 percent this year. The S&P 500 fell 3.3 percent and is now down 23 percent from its record high. The tech-heavy Nasdaq dropped 4.1 percent on Thursday, closing 32 percent below its all-time high. Stocks rallied Wednesday after the Federal Reserve sharply raised interest rates to fight inflation, and U.S. stock futures rose early Friday. The Dow and the S&P 500 were up 0.7 percent and 0.9 percent at 6:45 a.m. ET. The Nasdaq was up 1.1 percent.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.