Dow falls another 500 points, headed toward two-year low

Stock index down more than 7% since Biden took office.

Updated: October 1, 2022 - 12:42pm

The Dow Jones tumbled roughly 500 points on Friday, continuing a roughly six-week slide that continues to eat away at all the gains it has made under President Joe Biden.

The index closed Thursday at a little over 29,200 and finished Friday at around 28,700. The exchange has been on a downward trajectory since around mid-August. 

The sliding numbers continue to chip away at gains made since President Joe Biden took office. The Dow sat at just under 31,100 when he took the oath in January of 2021; it peaked in November of that year at around 36,300 before beginning a slow decline that has only sped up since August. 

Spiraling inflation, ongoing supply chain crises and rising interest rates from the Federal Reserve have all contributed to those declining figures.

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