Wall Street closed lower again, though a rally for Microsoft and some other Big Tech stocks helped limit the losses.
The S&P 500 fell 0.4% Wednesday after erasing an earlier gain. The index is coming off its worst day in a month, hurt by concerns about the strength of U.S. banks. The spotlight has been harshest on First Republic Bank, which lost another 30% after nearly halving the day before.
Microsoft helped stanch the market’s losses after it surged following a stronger profit report than analysts expected. Treasury yields were mixed.
On Wednesday:
The S&P 500 fell 15.64 points, or 0.4%, to 4,055.99.
The Dow Jones Industrial Average fell 228.96 points, or 0.7%, to 33,301.87.
The Nasdaq composite rose 55.19 points, or 0.5% to 11,854.35.
The Russell 2000 index of smaller companies fell 15.54 points, or 0.9%, to 1,730.41.
For the week:
The S&P 500 is down 77.53 points, or 1.9%.
The Dow is down 507.09 points, or 1.5%.
The Nasdaq is down 218.11 points, or 1.8%.
The Russell 2000 is down 61.09 points, or 3.4%.
For the year:
The S&P 500 is up 216.49 points, or 5.6%.
The Dow is up 154.62 points, or 0.5%.
The Nasdaq is up 1,387.87 points, or 13.3%.
The Russell 2000 is down 30.83 points, or 1.8%.
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