Trading on Wall Street ended the week lower than expected after a report showed inflation is slowing. It didn’t slow down as much as investors had hoped.
The market weakness came after the US government released a report showing wholesale prices in November were 7.4% higher than a year earlier.
It’s a slowdown compared to October, but worse than economists expected.
High inflation and the US Federal Reserve’s economy-damaging response to it were the main reasons for the painful stock market slump this year.
See you on Friday:
- The S&P 500 fell 0.7% on Friday, marking its first week of losses in the past three.
- The Dow Jones Industrial Average fell 305.02 points, or 0.9%, to 33,476.46.
- The Nasdaq fell 77.39 points, or 0.7%, to 11,004.62.
- The Russell 2000 index of smaller companies fell 21.63 points, or 1.2%, to 1,796.66.
Total this week:
- The S&P 500 lost 137.32 points, or 3.4%.
- The Dow fell 953.42 points, or 2.8%.
- The Nasdaq lost 456.88 points, or 4%.
- The Russell 2000 lost 96.18 points or 5.1%.
Total this year:
- The S&P 500 lost 831.80 points, or 17.5%.
- The Dow lost 2,861.84 points, or 7.9%.
- The Nasdaq lost 4,640.35 points, or 29.7%.
- The Russell 2000 lost 448.65 points or 20%.
Comments are closed.