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    FIRS, JTB begin ‘full scale enforcement’ on tax defaulters

    FIRS waives penalties for tax defaulters, gives December deadline

    JUST IN: Diesel tanker explodes in Lagos

    JUST IN: Diesel tanker explodes in Lagos

    5 burnt to death,  11 wounded in Akwa Ibom auto crash

    5 burnt to death, 11 wounded in Akwa Ibom auto crash

    Appeal Court upholds Alex Otti’s victory as Abia governor

    Appeal Court upholds Alex Otti’s victory as Abia governor

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    We did not ban ‘Ghana Must Go’ bags at airports – FAAN

    We did not ban ‘Ghana Must Go’ bags at airports – FAAN

    ‘Ghana Must Go’ bags banned at airports – FAAN

    ‘Ghana Must Go’ bags banned at airports – FAAN

    Abia Gov Alex Otti swears in 17 ‘selected’ Transition Council Chairmen/Mayors

    Abia Gov Alex Otti swears in 17 ‘selected’ Transition Council Chairmen/Mayors

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    Lagos govt to arrest and prosecute anyone that closes roads for parties, social events

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    Details of the N27.5 trillion 2024 Budget presented by Tinubu

    Details of the N27.5 trillion 2024 Budget presented by Tinubu

    FIRS, JTB begin ‘full scale enforcement’ on tax defaulters

    FIRS waives penalties for tax defaulters, gives December deadline

    FG opens application for 4IR technologies, where to apply

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    JUST IN: Tinubu signs Student Loan bill into law

    FULL TEXT: Tinubu’s speech on the N27.5 trillion 2024 budget

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    83 students on Federal Government scholarship depart for Morocco

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    CBN Governor to unveil Bank’s Monetary Policy Trust and Economic Outlook for 2024

    FG launches Startup Support, how to apply

    FG launches Startup Support, how to apply

    Lekki Deep Sea Port receives first transshipment vessel

    FG plans to re-establish National Shipping Line, Maritime workers reject plan

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    FG lists 4 border points in Ukraine Nigerians can cross to safety

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    Norwegian Energy company Equinor sells its Nigerian business

    Norwegian Energy company Equinor sells its Nigerian business

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    Guinness Nigeria Plc: Adebayo Alli takes over as Managing Director

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    JUST IN: NCAA suspends all United Nigeria Airlines’ wet-leased aircrafts

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    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

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    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

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S&P 500 slips into bear market, joins Nasdaq as recession fears mount

Saturday, 21 May 2022, 7:46 am
in News, World
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S&P 500 slips into bear market, joins Nasdaq as recession fears mount
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S&P 500 slipped into a bear market during Friday’s trading session, as the benchmark fell over 20% from its January high of 4,796.56.

S&P 500 the broadest measure of the US stock market however erased the losses to close at 3,901.36, saving it from official designation of a bear market. It last entered a bear market on March 12, 2020 and hit its lowest on March 23 2020.

Nasdaq Composite which entered a bear market in late February and has fallen 29% YTD.

S&P 500 lost 3% for the week, its seventh straight weekly loses. The Nasdaq Composite lost 3.8% for the week, posting its seventh straight week of losses. The Dow Jones Industrial Average lost 2.9% for the week, marking its first 8-week losing streak since 1923.

The index’s slide highlights investors’ increasingly dark economic outlook resulting from slowing economic and earnings growth, rising inflation and the Federal Reserve’s subsequent monetary tightening in a bid to control inflation.

Both Walmart and Target, the US giant retailers earlier in the week warned that inflationary pressures were greater than anticipated.

The Dow Jones Industrial Average fell over 1,100 points on Wednesday as investors dialed up the likelihood of a U.S. recession.

“Friday’s brief flirtation with a bear market is also a bad omen for the economy as a whole. Only one bear market in the last 50 years, the market crash of 1987, was not accompanied by a recession,” CNN wrote.

Morgan Stanley predicts a 27% chance of recession in the next 12 months, a probability that jumped from just 5% in March.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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