The stock market ended another erratic day of trading with mixed results on Thursday as investors grapple to understand what’s next with inflation and the U.S. central bank’s response to it.
The S&P 500 erased most of an early slump to close only slightly lower, largely because of drops in a few tech giants like Apple and Microsoft. The Dow Jones Industrial Average fell and the Nasdaq eked out a gain.
The Labor Department reported that wholesale prices soared 11% in April from a year earlier. That follows a hot report on inflation at the consumer level on Wednesday.
The S&P 500 fell 5.10 points, or 0.1%, to 3,930.08.
The Dow Jones Industrial Average fell 103.81 points, or 0.3%, to 31,730.30.
The Nasdaq rose 6.73 points, or 0.1%, to 11,370.96.
The Russell 2000 index of smaller companies rose 21.24 points, or 1.2%, to 1,739.38.
For the week:
The S&P 500 is down 193.26 points, or 4.7%.
The Dow is down 1,169.07 points, or 3.6%.
The Nasdaq is down 773.70 points, or 6.4%.
The Russell 2000 is down 100.18 points, or 5.4%.
For the year:
The S&P 500 is down 836.10 points, or 17.5%.
The Dow is down 4,608 points, or 12.7%.
The Nasdaq is down 4,274.01 points, or 27.3%.
The Russell 2000 is down 505.93 points, or 22.5%.
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