US stocks ended Thursday lower for the second straight day after a sizzling start to the week.
The Dow Jones Industrial Average fell 347.40 points, or 1.15%, to 29,926.47. The S&P 500 fell 38.88 points, or 1.03%, to 3,744.40 and the Nasdaq Composite fell 75.33 points, or 0.68%, to 11,073.31.
Stocks rallied strongly on Monday and Tuesday. The S&P 500 was up a combined 5.7% at the close on Tuesday, its best gain since April 2020.
The market then fell on each of the last two days, reflecting the economic uncertainty of the past few weeks. The Federal Reserve hiked interest rates by 0.75% last month, the third straight hike by that rate. Fed officials have hinted that more rate hikes are likely, raising concerns that the central bank could help push the economy into recession if it acts too aggressively to curb inflation.
Among stocks that fell was Apple (AAPL), which closed at $145.43, down $0.97, or 0.66%. Twitter (TWTR) stock price fell $1.88, or 1.88%, to close at $49.42.
“This week was a really good example of where market psychology stands,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, told The Wall Street Journal. “There are risks to the economy and corporate profits. The question is: are enough of these challenges priced in?”
https://www.ibtimes.com.au/stock-market-today-stocks-close-lower-dow-drops-more-300-points-1839289?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Stocks close lower, Dow falls more than 300 points