The Dow Jones Industrial Average lost 1,297 points, or 3.8 percent, on May 5, one day after the market rallied to the Fed’s raising of interest rates, with stocks suffering their worst losses of 2022 and one of its worst days since the start of the pandemic.
The day’s massive tumble completely reversed the market’s gains from the May 4 rally, further deepening the losses for 2022, with the S&P 500 falling 3.56 percent and the Nasdaq Composite falling 4.99 percent.
The S&P 500 and Nasdaq Composite had hit the lowest levels at the beginning of the week after poor April results, as some areas of the market were oversold, priming it for a short-term bounce.
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