Dow slumps over 700 points, tumbles below 30,000 to lowest level in over a year

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U.S. stock indexes opened sharply lower on Thursday, with growth shares taking the biggest hit, after the Federal Reserve’s biggest interest rate hike since 1994 fanned recession worries.

The Dow Jones Industrial Average dropped 2.4%, or 730 points, falling below the 30,000 mark and to its lowest level in over a year. The S&P 500 slipped 2.7% while the Nasdaq Composite slid 2.8%.

The relief rally that followed the Fed’s decision on Wednesday evaporated, with the majority of companies in the S&P 500 pushing lower. Big tech was knocked down as Treasury yields surged. Economic barometer Kroger Co. plunged after the supermarket chain said higher costs hurt margins.

More to come…