How major US stock indexes fared Thursday 2/16/2023
Feb 16, 2023, 2:19 PM | Updated: 2:31 pm
Stocks fell on Wall Street, posting their biggest drop in four weeks, after another reading on inflation came in hotter than expected.
The S&P 500 fell 1.4% Thursday after inflation at the wholesale level slowed by less than economists forecast last month. Treasury yields rose as traders upped their bets for how high the Federal Reserve will raise rates to combat inflation. Higher rates hurt the economy and weigh on financial markets.
A suite of mixed data on the economy also chipped away at hopes that the Fed could get inflation to continue to come down without creating a severe recession.
The S&P 500 fell 57.19 points, or 1.4%, to 4,090.41.
The Dow Jones Industrial Average fell 431.20 points, or 1.3%, to 33,696.85.
The Nasdaq composite fell 214.76 points, or 1.8%, to 11,855.83.
The Russell 2000 index of smaller companies fell 18.76 points, or 1%, to 1,942.21.
For the week:
The S&P 500 is down 0.05 points, or less than 0.1%.
The Dow is down 172.42 points, or 0.5%.
The Nasdaq is up 137.71 points, or 1.2%.
The Russell 2000 is up 23.40 points, or 1.2%.
For the year:
The S&P 500 is up 250.91 points, or 6.5%.
The Dow is up 549.60 points, or 1.7%.
The Nasdaq is up 1,389.35 points, or 13.3%.
The Russell 2000 is up 180.97 points, or 10.3%.
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