Wall Street update: Dow slumps over 700 pts, tumbles below 30K on recession worries

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U.S. stock indexes opened sharply lower on Thursday, with growth shares taking the biggest hit, after the Federal Reserve’s biggest interest rate hike since 1994 fanned recession worries. The Dow Jones Industrial Average dropped 2.4%, or 730 points, falling below the 30,000 mark and to its lowest level in over a year. The S&P 500 slipped 2.7% while the Nasdaq Composite slid 2.8%.