Stocks on Wall Street closed sharply lower, giving back a big chunk of the gains built in a three-day rally running up to Election Day. The Dow finished down about 646 points on uncertainty about the control of Congress.
“This is like a marathon and we’re in the early part of it,” said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute.
By making it more expensive for people and companies to borrow money, the Fed is intentionally slowing the economy and jobs market in hopes of stamping down inflation near its highest level in four decades. But the Fed threatens to create a recession if it goes too far, and high rates in the meantime drag down on prices for stocks and all kinds of investments.
Binance said it made the move after doing its due diligence and looking at FTX’s accounting books, while also citing reports about how FTX handled its customers’ funds. Stocks of companies embedded in the crypto economy also continued to sink. Robinhood Markets lost another 13.8% and is down 31.6% so far this week. Coinbase Global fell 9.5% to bring its drop for the week to 21.8%
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