Market Snapshot: Nasdaq closes at 2-year low after stocks fail to shake off Fed rate-hike gloom

by | Oct 10, 2022 | Stock Market


U.S. stocks finished with losses on Monday, sending the Nasdaq Composite to its lowest close in more than two years, after investors failed to shake off worries about further Federal Reserve rate hikes and JPMorgan Chase & Co.’s Jamie Dimon warned of a potential 20% decline in the S&P 500.

How stocks traded
The Dow
closed down by 93.91 points, or 0.3% at 29,202.88.

The S&P 500
finished down by 27.27 points, or 0.8%, at 3,612.39.

The Nasdaq Composite gave up 110.30 points, or 1%, to end at 10,542.10 — the lowest close since July 28, 2020.

Monday’s declines exacerbated losses which occurred at the end of last week. On Friday, the Dow fell 630 points, or 2.1%, the S&P 500 declined 2.8%, and the Nasdaq Composite dropped 3.8%. The Nasdaq Composite was down 31.9% for the year to date through Friday.What drove markets Major indexes finished lower for a fourth consecutive session on Monday as concerns about additional rate hikes by the Fed continued to damp sentiment. Dow industrials …

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