Market Snapshot: U.S. stocks fall for 3rd time in 4 days as traders bet on more Fed rate hikes

by | Feb 17, 2023 | Stock Market

U.S. stocks traded lower on Friday, on track to fall for the third time in the last four days, as a spate of hot economic data and commentary from Federal Reserve officials spurred expectations for higher interest rates. What’s happening
Dow Jones Industrial Average
fell 79 points, or 0.2%, to 33,615.

S&P 500
dropped 33 points, or 0.8%, to 4,056.

Nasdaq Composite
decreased by 140 points, or 1.2%, to 11,715.

On Thursday, the Dow Jones Industrial Average fell 431 points, or 1.26%, to 33697, its biggest point and percentage-point decline since Jan. 18. The blue-chip gauge is on track to log its third-straight weekly drop — what would be the longest such streak since September.

The S&P 500 is on track to log back-to-back weekly declines for the first time this year. What’s driving markets After the S&P 500 index saw a five month high in early February, U.S. stocks have continued to slide this week as hotter-than-expected economic data spurred expectations that the Fed could raise its policy rate well above 5% and keep it there until at least early 2024. Markets stumbled after the release of the producer-price index for January on Thursday, which showed wholesale prices accelerated by 0.7% last month, the sharpest increase since the summer. Stocks were also weighed down by comments …

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