Stocks fell on Wall Street Wednesday, led by more drops in technology companies, after a report on inflation came in worse than feared.
The S&P 500 fell, the tech-heavy Nasdaq and the Dow Jones Industrial Average closed lower. Treasury yields initially jumped following the inflation report but later fell back. Wall Street has been transfixed on the nation’s high inflation, and where it’s heading, because it’s causing the Federal Reserve to yank the supports it propped under markets for most of the pandemic.
The S&P 500 fell 65.87 points, or 1.6%, to 3,935.18.
The Dow Jones Industrial Average fell 326.63 points, or 1%, to 31,834.11.
The Nasdaq fell 373.44 points, or 3.2%, to 11,364.24.
The Russell 2000 index of smaller companies fell 43.65 points, or 2.5%, to 1,718.14.
For the week:
The S&P 500 is down 188.16 points, or 4.6%.
The Dow is down 1,065.26 points, or 3.2%.
The Nasdaq is down 780.43 points, or 6.4%.
The Russell 2000 is down 121.42 points, or 6.6%.
For the year:
The S&P 500 is down 831 points, or 17.4%.
The Dow is down 4,504.19 points, or 12.4%.
The Nasdaq is down 4,280.74 points, or 27.4%.
The Russell 2000 is down 527.17 points, or 23.5%.
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