Stocks only deepened their losses this afternoon, with disappointing 12-month inflation expectations and consumer confidence data weighing on investor sentiment. The Dow settled 491 points lower, despite being up over 440 points at its session highs. The S&P 500 and Nasdaq also registered steep losses of their own, as retail and semiconductor stocks took a beating. In other news, big bank names including Morgan Stanley (MS) and Goldman Sachs (GS) hiked their dividends after passing the Federal Reserve's stress test.
The Dow Jones Average (DJI - 30,946.99) dropped 491.2 points or 1.6% for the day. Chevron (CVX) led the gainers, adding 2.4%. Nike (NKE) paced the laggards with a 7% drop.
The S&P 500 Index (SPX - 3,821.55) shed 78.6 points or 2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,181.54) lost 343 points or 3% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 28.36) added 1.4 points, or 5.2% for the day.
Oil Prices Rise As China Eases Covid-19 Restrictions
Oil prices were higher on Tuesday to notch their third-straight win. Boosting black gold today was the easing of China's zero-Covid policy, as well as news that the United Arab Emirates and Saudi Arabia are "producing near capacity." In turn, August-dated crude added $2.19, or 2%, to settle at $111.76 per barrel.
Gold prices closed at their lowest level in roughly two weeks. Disappointing consumer confidence data weighed on the precious metal. August-dated gold fell $3.60, or 0.2%, to close at $1,821.20 an ounce.
Comments
Log in or sign up to join the conversation.