All three major U.S. stock benchmarks closed lower Thursday, with the Dow Jones Industrial Average, S&P 500 index and Nasdaq Composite booking their largest quarterly drop in two years, capping a first quarter in which the Federal Reserve’s monetary tightening and the Russian invasion of Ukraine have weighed on sentiment.
How did stock indexes perform?
The Dow Jones Industrial Average
dropped 550.46 points, or 1.6%, to close at 34,678.35.
The S&P 500
fell 72.04 points, or 1.6%, to finish at 4,530.41.
The Nasdaq Composite
shed 221.76 points, or 1.5%, to end at 14,220.52.
On Wednesday, the Dow and S&P 500 snapped a four-day winning streak, while the Nasdaq Composite dropped 1.2% after back-to-back gains.
In March, the Dow rose 2.3%, the S&P 500 climbed 3.6% and the Nasdaq Composite advanced 3.4%, according to Dow Jones Market Data. For the first quarter, the Dow dropped 4.6%, the S&P 500 slid 4.9% and the Nasdaq tumbled 9.1%, the data show.
All three major U.S. stock benchmarks saw their largest percentage decline since the first quarter of 2020, according to Dow Jones Market Data.
What drove markets?
Despite a recent winning run, it’s been a rough first quarter for the U.S. stock market.
Yet “the worst quarter in two years isn’t so bad as the S&P 500 index is roughly 5% away from record highs,” said Edward Moya, senior market analyst at Oanda, in a note. “Wall Street will have a lot to debate over the next few months but a choppy stock market seems likely as no clear answers will be had on when peak inflation happens and how aggressive will the Fed be with tightening until geopolitical risks are resolved.”
Investors were digesting a heavy slate of U.S. economic figures Thursday, including data on personal consumption and expenditures. The PCE core price index, the Fed’s favored inflation…
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