U.S. stocks fell on worries that what seemed like a blip in the battle to bring down inflation is turning into a trend.
The S&P 500 lost 0.9% Wednesday. The Dow Jones Industrial Average gave back 1.1%, and the Nasdaq composite fell 0.8%.
Treasury yields also leaped in the bond market, raising the pressure on the stock market. Traders pulled back on bets for coming cuts to interest rates by the Federal Reserve following a third straight inflation report that came in hotter than expected. The yield on the 10-year Treasury jumped to 4.55%.
On Wednesday:
The S&P 500 fell 49.27 points, or 0.9%, to 5,160.64.
The Dow Jones Industrial Average fell 422.16 points, or 1.1%, to 38,461.51.
The Nasdaq composite fell 136.28 points, or 0.8%, to 16,170.36.
The Russell 2000 index of smaller companies fell 52.41 points, or 2.5%, to 2,028.39.
For the week:
The S&P 500 is down 43.70 points, or 0.8%.
The Dow is down 442.53 points, or 1.1%.
The Nasdaq is down 78.16 points, or 0.5%.
The Russell 2000 is down 35.08 points, or 1.7%.
For the year:
The S&P 500 is up 390.81 points, or 8.2%.
The Dow is up 771.97 points, or 2%.
The Nasdaq is up 1,159.01 points, or 7.7%.
The Russell 2000 is up 1.32 points, or 0.1%.
Before you make your next trade, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.
Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.
They believe these five stocks are the five best companies for investors to buy now...
See The Five Stocks Here
Click the link below and we'll send you MarketBeat's guide to pot stock investing and which pot companies show the most promise.
Get This Free Report
