On Friday, investors sold stocks and put the major indexes at risk of another losing week. They are now below levels they had when President Joe Biden assumed office in January 2021.
In the opening hour, Dow Jones Industrial Average lost 434 points, or 1.4 percent, to trade below 30,000. This would mark the lowest stock close below 30,000. Dow closes at 30,930.52 the day Biden is inaugurated.
The S&P fell 1.8 percent to 3,692, below the 3,799 level it hit on inauguration day. Nasdaq Composite dropped by 1.9 percent, to 10,860. When Biden took office it was at 13,197.
Investors are concerned that the Fed’s battle to tame inflation will worsen the recession many expected next year. Bank of America stated today that it is on the right track to achieve a “soft landing”It was narrower now and more likely to land on a hard landing.
Dow stock prices were all but down today. All 11 sectors of the S&P 500 were down. Energy, with a 6.25 percent drop in performance, was the worst-performing sector. Investors worry that the global recession will lead to a drop in energy demand. With a decline of 0.57 percent, Health Care was the sector that performed best.
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