Market Snapshot: Dow sheds 200 points as Fed officials downplay hopes for rate-hike pause, investors await September jobs report

by | Oct 6, 2022 | Stock Market

U.S. stocks extended losses on Thursday afternoon during another volatile session as traders reacted to data showing a sharper-than-expected rise in unemployment claims, along with comments from senior Federal Reserve officials who warned that the central bank is in no position to pause its aggressive interest-rate hikes. How are stocks trading
S&P 500
SPX,
-1.00%
fell 17 points, or 0.5%, to 3,765.

Dow Jones Industrial Average
DJIA,
-1.23%
lost 212 points, or 0.7%, to 30,065.

Nasdaq Composite
COMP,
+15.10%
shed 1 points, or less than %, to 11,149.

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’s driving markets U.S. stocks turned lower 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 after the jobless claims data added to signs that the U.S. labor market may finally be softening as the Federal Reserve hikes interest rates …

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