Stocks deepened their late August skid with more losses Tuesday, as Wall Street grapples with the prospect that high interest rates are here to stay until the Federal Reserve brings inflation down.
Under the Fast Food Recovery Act, a council would be authorized to set the minimum wage and regulate working conditions for fast-food workers.on the last day of July. That’s nearly two jobs for every unemployed person, on average. That number was up from 11 million in June, and June’s figure was also revised sharply higher.
Wall Street is worried that the Fed could hit the brakes too hard on an already slowing economy and veer it into a recession. Higher interest rates also hurt investment prices, especially for pricier stocks. The selling was widespread Tuesday, with all the sectors in the S&P 500 ending in the red. All told, the S&P 500 fell 44.45 points to 3,986.16. The Dow dropped 308.12 points to 31,790.87, and the Nasdaq fell 134.53 points to 11,883.14. The Russell 2000 gave up 27.35 points to close at 1,855.59.
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