New York stock market crashes amid fears of poor economic performance

Stocks of technology companies took a major plunge on Friday, with the NASDAQ stock index posting its worst month since the 2008 financial crisis.

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While the Standard & Poors index fell 3.6% at the end of the day, with heavy losses from technology and communication companies.

The Dow Jones fell 939 points, or 2.8%, from a month ago, and the NASDAQ slid 4.2%.

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The main indices have alternated between falls and rises amid fears of an economic recession, after the Government announced that the Gross Domestic Product had contracted 1.4% between January and March 2022.

This week of volatility capped a bleak month for the stock market, in which shareholders have reacted to the Federal Reserve's moves to curb inflation: higher interest rates.

That will drive up borrowing costs across the board, from car purchases, credit card payments, and mortgages to buying homes.

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The S&P 500 is headed for an 8.2% loss in April, which would be its worst month since the start of the coronavirus pandemic.

The Nasdaq is on track for a 12.7% loss, which would be its biggest monthly decline since October 2008.

Big tech companies have been at the forefront of losses this month, after posting huge gains during the pandemic.

Amazon plunged 14.2%

, the biggest drop in the S&P 500, after reporting an unusual quarterly loss and giving investors a disappointing earnings forecast.

Amazon's report came just as shareholders have raised concerns about a potential slowdown in consumer spending, coupled with rising inflation.

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Prices of everything from food to gasoline have risen as the economy recovers from the pandemic and demand has increased while huge problems in supply chains persist.

At the same time, the Russian invasion of Ukraine has only added to the pressure on inflation

The Commerce Department reported Friday that an inflation gauge closely watched by the Federal Reserve jumped 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that prices rising are putting pressure on family budgets and the health of the economy.