Dow drops below 30,000, erasing all gains since Biden took office
Market has been on downward trajectory for well over a month.
The Dow Jones Industrial Average dipped below 30,000 on Friday, officially erasing its to-date gains since President Joe Biden was sworn in and signaling what looks to be an ongoing downward economic slide.
Trading on Friday afternoon put the Dow at around 29,400, below the roughly 31,000 at which it stood when Biden took the oath of office in January of 2021.
The Dow has been on a largely consistent downward trajectory since mid-August, when it began declining from around 34,000. It has lost over 7,000 points year-to-date.
The long slump puts the Dow into what economists call "bear market" territory, one in which futures have consistently declined amid investor pessimism and negative economic signals.
Economic difficulties have been compounded by ongoing high inflation rates and supply chain issues. The Federal Reserve's aggressive efforts to tamp down inflation via higher interest rates, meanwhile, have similarly choked economic activity, particularly in the housing and mortgage sectors.
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