Markets slide as global rate hikes deepen weekly losses
Stocks fell across the board as central banks lifted rates to curb inflation. The S&P 500 dropped 0.8 percent, Dow off 0.4 percent, Nasdaq down 1.4 percent, and Russell 2000 tumbled 2.3 percent amid rising bond yields. Entailed concern centered on Fed pacing and potential for tighter policy to blunt growth.
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Unemployment Claims Rise as Fed Hikes Rates Again
U S unemployment benefits rose to 213000 for the week ending Sept 17, with the prior week revised to 208000. The four week average fell to 216750. The Fed lifted the benchmark rate by 0.75 point to 3.0 percent to 3.25 percent, aiming to cool inflation and keep a resilient labor market on track. Powell stressed inflation must retreat to 2 percent before halting hikes.
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Medina and Lorain unemployment claims rise in week
Ohio data show Medina County filed 66 initial claims for week ending Sept 17, up six from the prior week, with a four week average near 70. Lorain County saw 152 claims, up 28 week over week, while statewide initial claims totaled 6419, up 465, and continued claims rose to about 28,000.
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Banks Probe Capitol Hill as CEOs Face Lawmakers
JPMorgan Chase chief Jamie Dimon Citi CEO Jane Fraser and five others testified on consumer finances amid high prices and inflation. Senators pressed for action to protect customers while Republicans questioned banks on social issue involvement and asset manager influence.
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