Asian shares track Wall Street's inflation-fueled retreat
ABC News
Shares are sharply lower in Asia after a broad retreat on Wall Street
TOKYO -- Shares dropped sharply in Asia on Thursday after a broad retreat on Wall Street triggered by dismal results from major retailer Target that added to worries over persisting high inflation.
Shares fell in all regional markets except Indonesia's. Oil prices were higher.
The Dow Jones Industrial Average sank more than 1,100 points, or 3.6%, and the S&P 500 had its biggest drop in nearly two years Wednesday, shedding 4%. That was its steepest decline since June 2020. The tech-heavy Nasdaq fell 4.7%.
The benchmark index is now down more than 18% from the record high it reached at the beginning of the year. That's shy of the 20% decline that's considered a bear market.
