Market Snapshot: U.S. stocks end sharply lower, failing to make ‘crazy’ bounce-back rally stick as earnings season gets under way

by | Oct 14, 2022 | Stock Market

U.S. stocks ended sharply lower Friday, erasing early gains that attempted to build on a bounce in the previous session that marked what’s been called one of the craziest market days in history. Stocks turned lower after a closely-watched survey showed consumer inflation expectations were on the rise, while investors also weighed results from big Wall Street banks as earnings reporting season gets under way.

How major U.S. stock indexes traded
The Dow Jones Industrial Average
DJIA,
-1.34%
fell 403.89 points, or 1.3%, to close at 29,634.83, after rising 390 points at its session high.

The S&P 500
SPX,
-2.37%
shed 86.84 points, or 2.4%, to finish at 3,583.07.

The Nasdaq Composite
COMP,
-8.89%
tumbled 327.76 points, or 3.1%, to end at 10,321.39, its lowest closing value since July 2, 2020, according to Dow Jones Market Data.

For the week, the Dow rose 1.2%, while the S&P 500 fell 1.6% and the Nasdaq dropped 3.1%, according to Dow Jones Market Data.What drove markets Inflation concerns weighed on the U.S. stock market Friday. Gains early Friday gave way to losses after the University of Michigan’s consumer sentiment survey showed expectations for inflation over the next year rose to 5.1% from September’s one-year low of 4.7%, while e …

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