NZ shares had a bad hangover after a rough night globally

The Federal Reserve’s 50 basis point hike continues to make make massive waves through the markets. (Image: Getty)

Fri, 06 May 2022

International markets had a bad night which meant most stocks on New Zealand’s benchmark index got out of the wrong side of the bed when early trading opened this morning and went downhill from there.In the US, the Dow Jones Industrial Average declined 3.1% to a 26-month low while the tech-heavy Nasdaq plummeted 5% to its lowest level since November 2020.The S&P/NZX 50 index sank 138.1 points, or 1.2%, to 11,609.38. Within the broader equity market, an eye-watering 120 stocks fell and only 22 rose. Turnover was $141.3 million.Going in...

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