Dow, S&P Suffer 3rd Day of Losses - InvestingChannel

Dow, S&P Suffer 3rd Day of Losses

Stocks fell Thursday as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation.

The Dow Jones Industrials shed another 252.40 points to 33,037.56, erasing January gains and posting its third daily loss in a row.

The S&P 500 lost 30.01 points to 3,898.85

The NASDAQ Composite Index subtracted 104.74 points, or 1%, to 10,852.27. Both the latter indexes are still positive for the month.

All of the major averages are on pace for their first negative week in three. The Dow is down 3.7% and on pace for its worst weekly performance since September. The S&P and NASDAQ have each lost more than 2% on a weekly basis.

Elsewhere, investors are watching key quarterly reports to see if there is an earnings recession brewing. Netflix will report earnings after the bell.

Initial filings for unemployment insurance fell to their lowest level since late June last week, the U.S. Labor Department reported Thursday, signaling to investors that the labour market is resilient amid a slowing economy.

Prices for the 10-year Treasury went south, raising yields to 3.40% from Wednesday’s 3.37%. Treasury prices and yields move in opposite directions.

Oil prices regained 90 cents to $80.38 U.S. a barrel.

Gold prices gained $26.50 to $1,933.50 U.S. an ounce.

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