Bears took control of the equity markets across the globe on the last day of trade for the week. After sparking hope and starting trade positively Wall Street saw volatile moves pushing the 30 stock Dow Jones end at the day low shedding 460 points.
All three major averages posted weekly losses on Wall Street, the second weekly downtick for the same. The jitters were sparked again as personal expenditure reading was higher than anticipated ,raising inflationary concerns.
But equities were not the only this suffering. Crypto currency also had a tough week as Bitcoin slid further 5% in Friday’s trade extending its losses to 20% for the week. Bitcoin has recorded it’s worst weekly decline in atleast a year.
Even commodities that have been the shining spot for traders saw profit booking. A gauge tracking 23 commodities dropped by the most since April 2020 as the dollar strengthened making the commodity play less attractive