Stocks closed lower on Wall Street, led by drops in big technology companies and erasing the S&P 500′s gains for the week.
The S&P 500 fell 0.7% Wednesday, while the Dow Jones Industrial Average and the Nasdaq also fell. Small-company stocks fell more than the rest of the market.
Wall Street was absorbing a mix of retail updates that showed inflation pressure continues to affect businesses and consumers, but also shows that spending remains strong. Target fell after reporting a plunge in profits. The government reported that retail sales were flat in July.
On Wednesday:
The S&P 500 fell 31.16 points, or 0.7%, to 4,274.04.
The Dow Jones Industrial Average fell 171.69 points, or 0.5%, to 33,980.32.
The Nasdaq fell 164.43 points, or 1.3%, to 12,938.12.
The Russell 2000 index of smaller companies fell 33.22 points, or 1.6%, to 1,987.31.
For the week:
The S&P 500 is down 6.11 points, or 0.1%.
The Dow is up 219.27 points, or 0.6%.
The Nasdaq is down 109.06 points, or 0.8%.
The Russell 2000 is down 29.30 points, or 1.5%.
For the year:
The S&P 500 is down 492.14 points, or 10.3%.
The Dow is down 2,357.98 points, or 6.5%.
The Nasdaq is down 2,706.85 points, or 17.3%.
The Russell 2000 is down 258 points, or 11.5%.
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