The Dow Lost Ground as Investors Piled into Recession-Proof Stocks
The Dow Jones Industrial Average gave up roughly 47 points today after a rough morning that saw the benchmark index drop 400 points before rebounding.
The big call of the day came from economists at Citigroup (NYSE: C) who now say there is a roughly 50% chance of a recession. Citi's Chief Global Economist Nathan Sheets noted that rapidly rising rates, slowing consumer demand, and "severe supply shocks" continue to hurt the economy.
Citigroup slightly lowered its projections for gross domestic product (GDP) growth, expecting about 2.3% GDP growth this year followed by 1.7% GDP growth in 2023, both of which are not very good.
Source Fool.com
