Recession confirmation drags markets down

 Recession confirmation drags markets down
Euronews logo
Text size Aa Aa

Wall Street buried itself firmly in the red at the close of trading yesterday following official confirmation that the American economy has been in recession for the last year.

The National Bureau of Economic Research said the US began a recession in December 2007, citing the continuing decline in unemployment since that month as a key factor in its formal definition.

As a result, the Dow Jones dropped by more than 7.5 percent while NASDAQ stocks lost almost nine percent of their value.

The news was reflected in trading across the Atlantic — all of Europe’s major markets closed down by around five percent.

Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.