Dow sheds 1,164 points in worst day since 2020
Category: News & PoliticsVia: vic-eldred • one month ago • 43 comments
By: Suzanne OHalloran (Fox Business)
Wells Fargo Advisor Senior Vice President Mark Smith addresses record inflation rates and how it relates to plummeting stock prices on 'Making Money.'
U.S. stocks saw steep selling Wednesday as more retailers revealed the negative impact of inflation amounting to the worst day for stocks since 2020.
The Dow Jones Industrial Average fell over 1,100 points, or 3.6%.
The Nasdaq Composite tumbled nearly 5% and the S&P 500 4%.
|I:DJI||DOW JONES AVERAGES||31490.07||-1,164.52||-3.57%|
|I:COMP||NASDAQ COMPOSITE INDEX||11418.15432||-566.37||-4.73%|
All 11 of the S&P's biggest sectors fell with consumer discretionary and staple stocks leading the declines, while utilities fell the least.
|XLY||CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF||142.80||-9.99||-6.54%|
|XLP||CONSUMER STAPLES SELECT SECTOR SPDR ETF||71.84||-4.94||-6.43%|
|VPU||VANGUARD WORLD FDS VANGUARD UTILITIES ETF||155.99||-1.45||-0.92%|
Target shares tanked after disclosing rising costs will hurt profitability for the remainder of the year. This follows Walmart's lower-than-expected profit report Tuesday that was also blamed on inflation. The Fed will "have to consider moving more aggressively" if inflation that is running at a four-decade high fails to ease after earlier rate hikes, chair Jerome Powell said at a Wall Street Journal conference.
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Lowe's reported a 3.8% drop in U.S. store sales due to a late spring selling season.
|LOW||LOWE'S COS. INC.||183.91||-9.96||-5.14%|
|HD||THE HOME DEPOT INC.||284.63||-16.37||-5.44%|