Always remember that investments can go down as well as up in value, so you could get back less than you put in. A rule of thumb is to hang on to your investments for at least five years to give them the best chance of providing the returns you are hoping for.

Stock Market Today - 23 Sep 2022

#51 Hot & Happening
Published On:
Sep 23, 2022
An alarm clock
· 3 min read

And... it just keeps getting worse!

With the US, UK and several other European countries raising interest rates, stock traders went on a selling spree yesterday, pushing prices down.

All the major indices closed red yesterday, with the Nasdaq Composite taking the biggest hit.

Here are the closing prices:

Index Closing Price One Day % Change ↕️
S&P 500 3,758 -0.84
NASDAQ COMPOSITE 11,067 -1.37
DOW JONES 30,077 -0.35
FTSE 100 7,160 -1.08

All but one of the 11 S&P 500 sectors closed red yesterday. Healthcare (XLV) closed green at +0.53%, while Consumer Discretionary (XLY) took the biggest hit at -2.31%.

Bitcoin is up 0.25% to $19,100 while Ethereum is up 2.4% to $1,300 in the last 24 hours.

Still being battered after yesterday’s interest rate announcements, European stocks are down this morning. The UK’s FTSE 100 is down about 0.75%, the European STOXX 600 index is down about 0.67%, and Germany’s DAX is down about 0.59%.

The 10-year US Treasury yield surged to 3.71% yesterday, its highest level since February 2011.

The Bank of England yesterday increased interest rates by 0.5% to 2.25%, the UK’s highest level since 2008. Central banks worldwide are rapidly increasing interest rates as they seek to fight the worst bout of inflation for decades. The FT has more.

The pound has fallen to its lowest level against the US dollar since 1985, with £1 now equal to $1.12. More on Bloomberg.

HSBC cautions investors to avoid European stocks. CNBC has more.

The number of Americans filing new claims for unemployment benefits increased moderately last week, with weekly jobless claims increasing by 5,000 to 213,000 while continuing claims dropped by 22,000 to 1.379 million. More on Reuters.

JPMorgan’s CEO Jamie Dimon said he was a “major sceptic of crypto tokens like Bitcoin” and called them “decentralised Ponzi schemes.” He also said that “the notion that it’s good for anybody is unbelievable”. Decrypt has more.

The much anticipated Cardano Vasil upgrade is set to take place later today. The Cardano team noted that all three “critical mass indicators” needed to trigger the upgrade are now met. More on Cointelegraph.

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