Stocks Close Lower, on Target for Weekly Losses
Stocks fell for a second session on Thursday following the Federal Reserve’s aggressive rate hike, as investors increasingly fear the central bank will push the economy into a recession as it battles to curb rising inflation. The Dow Jones Industrials lost 107.1 points to end Thursday’s session at 30,076.68. The 30-stock index flirted with gains through the day but stayed in negative territory for most of the session. The SP 500 retreated 31.94 points to 3,760.23. The NASDAQ Composite slid 153.39 points, or 1.4%, to 11,066.81. Defensive stocks outperformed with drugmakers and consumer staples in the green on Thursday. Eli Lilly shares gained 4% after UBS upgraded the stock and said it could be developing the biggest drug ever. Shares of Cano Health surged more than 40% in late afternoon trading following a Wall Street Journal report that Humana and other potential buyers are in talks to buy the primary-care provider. All the major averages are on pace to finish the week with losses. The Dow is down about 2.1%, while the SP is negative 2.6%, and NASDAQ has tumbled 3.1%.
Stocks Close Lower, on Target for Weekly Losses
Stocks fell for a second session on Thursday following the Federal Reserve’s aggressive rate hike, as investors increasingly fear the central bank will push the economy into a recession as it battles to curb rising inflation. The Dow Jones Industrials lost 107.1 points to end Thursday’s session at 30,076.68. The 30-stock index flirted with gains through the day but stayed in negative territory for most of the session. The SP 500 retreated 31.94 points to 3,760.23. The NASDAQ Composite slid 153.39 points, or 1.4%, to 11,066.81. Defensive stocks outperformed with drugmakers and consumer staples in the green on Thursday. Eli Lilly shares gained 4% after UBS upgraded the stock and said it could be developing the biggest drug ever. Shares of Cano Health surged more than 40% in late afternoon trading following a Wall Street Journal report that Humana and other potential buyers are in talks to buy the primary-care provider. All the major averages are on pace to finish the week with losses. The Dow is down about 2.1%, while the SP is negative 2.6%, and NASDAQ has tumbled 3.1%.