Stocks Fall On China Jitters, Fed Comments

(New York, NY) — The Dow dropped nearly 500 points as supply chain concerns are growing with COVID protests continuing in China. Apple dropped nearly three-percent after reports that unrest at a China factory could mean millions of fewer iPhones. Investors are also concerned abut interest rates rising again. St. Louis Federal Reserve President James Bullard said he believes rates need to be above five-percent into 2024 to control inflation. At the closing bell, the Dow Jones Industrial Average lost 498 points to 33-849. The S&P 500 fell 62 points to 39-64. The Nasdaq dropped 177 points to 11-049.