The Federal Reserve's hawkish stance on combatting inflation continues to drive investors to shed equities, as fears of an oncoming recession swirl. The S&P 500 has taken a beating in response, erasing this afternoon's modest gains to close the session even closer to bear market territory. Elsewhere, the Dow lost more than 200 points, while the Nasdaq pulled back from a triple-digit lead in the final hour of trading to settle in the red as well.
The Dow Jones Average (DJI - 31,253.13) dropped 236.9 points, or 0.8% today. Though the Dow had another dismal day, six components turned in a win, led by United Health (UNH) 1.5% gain. Cisco Systems (CSCO) shed 13.7% to round out the laggards.
The S&P 500 Index (SPX - 3,900.79) shed 22.9 points, or 0.6% for the day, while the Nasdaq Composite (IXIC - 11,388.50) lost 29.7 points, or 0.3% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 29.35) fell 1.6 points or 5.2%.
GOLD PRICES SCORE BEST WIN SINCE APRIL
Oil prices traded tumultuously on Thursday but ultimately finished the session higher after Chinese officials revealed plans to ease Covid-19 restrictions in Shanghai. For the session, the now most active, July-dated crude gained $2.85, or 2.7%, to settle at $109.89 per barrel.
Gold futures also scored a win, after investors favored averting risk following yesterday's plunge on Wall Street. Specifically, June-dated gold added $25.30, or 1.4%, to settle at $1,841.20 an ounce, the biggest single-day percentage pop bullion has seen since April 12.
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