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Dow logs first close below 50-day moving average in over a month after Thursday’s interest rate-fueled selloff

Economy, Finance

The Dow Jones Industrial Average and the S&P 500 on Thursday marked their first finishes below their short-term moving averages in weeks after a market rout apparently precipitated by rising fears that the Federal Reserve may be losing control of inflation and may be forced to jack up borrowing costs faster than they would prefer to cool an overheated economy recovering from the COVID-19 pandemic lockdowns. The Dow closed down 1.1% at around 30,924 to mark its third straight decline, falling below its 50-day moving average at 30,944.98 for the first time since Feb. 1, while the S&P 500 index closed Thursday’s trade 1.3% lower for its third consecutive drop, finishing at 3,769, concluding the session below its 50-day MA at 3,818.61 for the first time since Jan. 29.

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