The New York Stock Exchange also plummeted last night.

Fears of the Fed's intensive tightening amid higher-than-expected inflation pushed stock prices down. 

Correspondent Kim Jong-won reports from New York.


Today (14th), the New York Stock Exchange fell sharply as soon as the week started.

The tech-focused Nasdaq plummeted more than 2.7% from the beginning of the market, and eventually ended with a close 5% drop.

The S&P 500 Index, a collection of blue-chip stocks, plunged more than 3.8% and entered a bear market, a so-called bear market, which fell more than 20% from its previous high in early January.

The Dow also plunged 2.8%, nearly 900 points, from the previous trading day, dropping more than 500 points for three consecutive trading days, which is the first time in history.

The reason the US stock market crashed like this is also because of inflation.

The consumer price index for May, released last Friday, also soared more than 8%, showing the highest growth rate in 41 years.

[Zachary Hill/Director of Portfolio Strategy: We've been wrestling with inflation prospects all year long.

Consumer inflation expectations surveys indicate that prices are likely to rise further in the future.

This is something the Federal Reserve is very concerned about.]

Under this circumstance, there was even an expectation that the Federal Reserve, the central bank of the United States, would take a 'giant step' of raising the key interest rate by 0.75 percentage points at once at this week's monetary policy meeting, over the previous big step of raising the key interest rate by 0.5 percentage points. .

Not only Korea and the United States, but also major European stock markets fell more than 2%, their lowest level since March last year.

Fears of a global economic recession are growing as stock markets around the world fell along with the shock of US inflation.