Dow drop nears 500 points on rate hike talk, China COVID fears

  • Dow drop nears 500 points on rate hike talk, China COVID fears

    U.S. stocks fell across the board with all 11 of the S&P's top sectors sinking, led by energy and materials, as fears over China's COVID-19 lockdowns sent chills through financial markets. Adding to uncertainty more hawkish talk on future rate hikes by Federal Reserve officials. In commodities, oil rebounded by 1.2% to $77.24.

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