Traders at the New York Stock Exchange
par Stephen Culp
(Archyde.com) – Wall Street closed on Friday with another drop, following a choppy session and a turbulent quarter amid runaway inflation, tighter monetary policies and fears of recession.
The S&P 500, the flagship index of the New York Stock Exchange, recorded its worst September since the 2008 financial crisis, with a fall of 9.32% according to preliminary data, and the three major indices of the place, S&P , Dow Jones and Nasdaq Composite, record their third week of decline in a row.
During the first nine months of 2022, Wall Street suffered three consecutive quarters of decline, which had not happened since the Great Depression for the S&P, for seven years for the Dow. During the third quarter, the S&P fell 5.26%, the Dow 6.65% and the Nasdaq 4.11%.
“It’s been a very painful quarter for the equity market,” said Tim Ghriskey, portfolio manager at Ingalls & Snyder in New York. “There is uncertainty regarding the ability of the Federal Reserve to maintain activity while attacking inflation to bring it back to a sustainable level.”
The Commerce Department reported an acceleration in “core PCE” prices – the Fed’s favorite measure of inflation – of 4.9% year on year and 0.6% month on month. on the other, which should encourage the central bank to continue its monetary tightening.
The Dow Jones fell 500.1 points on the session, or 1.71%, to 28,725.51 points, the S&P 500 lost 54.95 points (-1.51%) to 3,585.62 and the Nasdaq Composite lost dropped 161.89 points (-1.51%) to 10,575.62.
Of the 11 sector indices of the S&P 500, only real estate did well, with the ten others closing in the red, led by technology stocks.
Nike and cruise line Carnival Corp. warned that inflationary pressures were weighing on their margins. Their titles lost 12.8% and 23.3% respectively.
* The reminder of the session in Europe: [.EUFR]
* TO BE CONTINUED :
(Written by Jean-Stéphane Brosse)
