Meanwhile, selloff was also fuelled amid worries about the Federal Reserve's response as a key US inflation gauge shot further up and on caution ahead of the release of the Labor Department's closely watched monthly employment report on Friday.
At the close of trade, the Dow Jones Industrial Average index declined by 550.46 points, or 1.56%, to 34,678.35. The S&P500 index dropped by 72.04 points, or 1.57%, to 4,530.52. The tech-heavy Nasdaq Composite Index was down 221.76 points, or 1.54%, to 14,220.52. For the quarter ended March 2022, the Nasdaq plummeted by 9.1% and the S&P 500 and Dow dove by 4.9% and 4.6%, respectively.
Declining stocks outnumbered advancing ones on the NYSE exchange by 2042 to 1349 and 117 closed unchanged. In the NASDAQ, 1734 issues advanced, 3097 issues declined, and 253 issues unchanged.
All 11 major S&P 500 sector indexes declined, with bottom performing sector were financials (down 2.32%), communication services (down 2.01%), consumer discretionary (down 1.95%), information technology(down 1.59%), and industrials (down 1.57%).
ECONOMIC NEWS: US Weekly Jobless Claims Edge Higher- US initial jobless claims edged up to 202,000 in the week ended March 26th., an increase of 14,000 from the previous week's revised level of 188,000, the Labor Department reported on Thursday. The figure originally reported for the previous week reflected the lowest number of jobless claims since September 1969.
A separate report from the Commerce Department showed that the annual rate of core consumer price growth accelerated to 5.4% in February from 5.2% in January.
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Among Indian ADR, WNS Holdings sank 1.46% to $85.49, Dr Reddy's Labs fell 1.61% to $55.73, INFOSYS fell 0.32% to $24.89, Wipro fell 1.78% to $7.71, Tata Motors fell 1.06% to $27.95, Azure Power Global dropped 5.5% to $16.64, and ICICI Bank fell 0.37% to $18.94. HDFC Bank added 0.16% to $61.33.
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