The S&P 500 fell Thursday as the benchmark inched closer to a bear market. Investors continued to dump equities on fears Federal Reserve rate hikes to fight rapid inflation would tip the economy into a recession.
The Dow Jones Industrials had made progress Thursday, but sagged 236.94 points by the close to 31.253.13.
The S&P 500 lost another 22.89 points to 3,900.79.
The index is teetering on bear market territory sitting about 18% below its record reached in January.
The NASDAQ Composite weakened from gains earlier in the session, losing 29.66 points to 11,388.50.
The S&P 500 and NASDAQ are both down more than 3% for the week, while the Dow has lost 2.9%. Those losses were driven in part by back-to-back quarterly reports from Target and Walmart that showed higher fuel costs and restrained consumer demand hurting results amid the hottest inflation in decades.
Even after a 24% drop … Read more