Stocks were volatile on Friday as traders looked to close out a terrible week that came in Standard & Poor’s 500 to a new low in 2022.
The S&P 500 rose 0.55%. The Dow Jones Industrial Average rose 52 points, or 0.18%, while the Nasdaq Composite rose 1.02%.
A closely watched inflation report by the Federal Reserve released on Friday showed that Prices continued to increase at a rapid pace.
Federal Reserve Vice Chairman Lyle Brainard on Friday Emphasize the need to reduce inflationHe said the central bank was “committed to avoiding a premature rollback” of restrictive monetary policy.
nike Shares fell sharply on their worst day since 2001 after the company announced that Sales increased, but supply chain and inventory problems hampered net profit In the first quarter of the fiscal year. The stock was last down 13%.
Stocks sold out on Thursday, with the Dow losing more than 1%, and the S&P 500 and Nasdaq Composite both dropping more than 2%. Investors weighed their concerns about future Fed rate hike decisions and their impact on the market.
These losses put the major averages in line with the sharp weekly losses. The S&P 500 is down 1% for the week. The Dow was down 1.1% and the Nasdaq was down 0.2%.
“The market is smelly,” said Jimmy Cox, managing partner of Harris Financial Group. “But that’s basically what the Fed wants: to tighten financial conditions, and they think that will help bring inflation down to levels they see as acceptable. And they’re using the market transmission mechanism to make that happen.”
Friday also falls on the last day of the month and the third quarter. For September, the S&P 500 and Dow were down more than 7% each through Thursday’s close. This would be the Dow’s worst monthly performance since March 2020 and the biggest one-month drop for the S&P 500 since June. The Nasdaq is heading for its biggest monthly loss since April, losing 9.1%.
Quarterly so far, the S&P 500 and Nasdaq are heading for their first three consecutive quarters of losses since 2009, losing 4% and 2.7%, respectively. The Dow fell 5.4% in the third quarter and is on track to post a third consecutive quarter of loss for the first time since 2015.
“Unapologetic reader. Social media maven. Beer lover. Food fanatic. Zombie advocate. Bacon aficionado. Web practitioner.”
Apple introduces Apple Pay later
Stocks, news, earnings and data
The FDIC says First Citizen Bank is buying “all deposits and loans” for Silicon Valley Bank