Market Snapshot: Dow ends about 350 points lower as Fed officials downplay hopes for rate-hike pause, investors await September jobs report

by | Oct 6, 2022 | Stock Market

U.S. stocks closed lower on Thursday after another volatile session as traders reacted to data showing a sharper-than-expected rise in unemployment claims and comments from senior Federal Reserve officials who warned that the central bank is in no position to pause its aggressive interest-rate hikes. How stocks traded
S&P 500
SPX,
-1.02%
fell 38.76 points, or 1%, to finish at 3,744.52.

Dow Jones Industrial Average
DJIA,
-1.15%
lost 346.93 points, or 1.2%, ending at 29,926.94.

Nasdaq Composite
COMP,
+16.08%
finished 75.33 points lower, or 0.7%, to 11,073.31.

On Wednesday, the Dow Jones Industrial Average fell 42 points, or 0.14%, to 30,274, the S&P 500 declined 8 points, or 0.2%, to 3,783, and the Nasdaq Composite dropped 28 points, or 0.25%, to 11,149. The S&P 500 is up 5.5% from its 2022 closing low touched on Sept. 30, but remains down 20.6% for the year to date.

What drove markets U.S. stocks deepened their losses on Thursday in choppy trade after data showed the number of Americans applying for unemployment benefits last week jumped by 29,000 to a five-week high of 219,000, which was more than economists had expected. Stocks initially pared their losses in the morning after the jobless claims data added to signs that the U.S. labor market may finally be softening as the Federa …

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