Wall Street falls on the strength of the US economy

The three main indices of Wall Street They fall hard this Thursday. Stocks turn red after data from the US economy added to concerns about continued tightening of monetary policy in the Federal Reserve.

the main index Dow Jonesmade up of the shares of 30 industrial giants, loses 1.36% to 32,921.02 points, while the extended reference S&P 500 falls 1.80% to a level of 3,808.79 points. the technological Nasdaq yields 2.62% to 10,429.19 points.

Losses from mega-cap growth stocks, which are more sensitive to interest rate movements such as Apple, Microsoft y Amazon o Tesladragged the indices down by their weight due to bets on further rate hikes.

The final estimate of the Gross domestic product (GDP) of the United States for the third quarter revealed that the gross domestic product grew at an annualized rate of 3.2%, above the previous estimate of 2.9%, according to data from the Department of Commerce.

“The GDP data beat many expectations. There are concerns that the economy will not give up easily and is putting up a fight that is likely to force the Federal Reserve to keep rates high,” said Sam Stovall of CFRA Research in New York.

Last week, at its monetary policy meeting, the central bank took a hawkish tone, saying it expects interest rates to stay high for longer, triggering a major sell-off in stock markets.

jose.rivera@eleconomistamx