Major stock exchanges on Wall Street extended losses on Monday, as fears of an economic slowdown likely pushed the markets deeper below the flatline.
The Federal Reserve cautioned that further interest rate hikes will be needed to bring inflation down to its 2% target, after announcing its much-anticipated rate hike last week. Earlier in the day, the pound sterling plummeted to the lowest level against the greenback.
The Dow Jones Industrial Average plunged by 1.26% or 372 points at 1:14 pm ET. The Nasdaq 100 and the S&P 500 slumped by 0.49% and 1.14% respectively at the same time. The euro slipped 0.79% against the American currency, to change hands to $0.96110 at 1:20 pm ET.
