US stocks closed lower on Friday, marking the final day of a dismal quarter of rising interest rates and falling stock prices.
The Dow Jones Industrial Average fell 495.49 points, or 1.70%, to close at 28,730.12. The S&P 500 fell 54 points, or 1.48%, to 3,586.47 and the Nasdaq Composite closed 161.89 points, or 1.51%, to 10,575.62.
The US Commerce Department reported on Friday that consumer spending remained buoyant in August despite rising inflation, meaning higher prices. The department’s Bureau of Economic Analysis reported that personal consumption spending rose 0.4% last month, double the July rate.
Despite this rosy report, stocks continued their month-long slide on competing concerns about inflation and recession. The Federal Reserve hiked interest rates by 0.75% last week, the third straight hike by that rate, in a bid to curb inflation.
Among stocks that fell on Friday was Apple (AAPL), which fell to $138, down $4.48, or 3.14%. Qualcomm (QCOM) stock price fell $1.86, or 1.62%, to close at $112.98.
“The market stinks,” Jamie Cox, managing partner at Harris Financial Group, told CNBC. “But that’s basically what the Fed wants: tightening of financial conditions, and they believe this will help bring inflation down to levels they find acceptable.” And they use the transmission mechanism of the market to do that.”
https://www.ibtimes.com.au/wall-street-today-stocks-close-lower-last-day-gloomy-quarter-1839011?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Stocks close lower on final day of dismal quarter