S&P 500 Falls 0.5% After Hotter-than-Expected Inflation Report
In a rare turn of events, Wall Street ended its second losing week in the last 16, as stocks slipped on Friday. The S&P 500 fell 0.5% following an inflation report at the wholesale level that came in hotter than expected. This decline came right after the benchmark index had set a record high the previous day. The Dow Jones Industrial Average also fell 0.4%, while the Nasdaq composite dropped 0.8%.
The latest inflation report serves as a stark reminder that the battle against rising prices is far from over. Treasury yields saw an increase after the data dashed hopes of a possible interest rate cut by the Federal Reserve in March.
Friday’s Numbers:
– The S&P 500 dropped by 24.16 points to 5,005.57.
– The Dow Jones Industrial Average decreased by 145.13 points to 38,627.99.
– The Nasdaq composite saw a decline of 130.52 points to 15,775.65.
Weekly Performance:
– The S&P 500 is down 21.04 points, or 0.4%.
– The Dow is down 43.70 points, or 0.1%.
– The Nasdaq is down 215.01 points, or 1.3%.
– The Russell 2000 is up 22.75 points, or 1.1%.
Year-to-Date Figures:
– The S&P 500 is up 235.74 points, or 4.9%.
– The Dow is up 938.45 points, or 2.5%.
– The Nasdaq is up 764.30 points, or 5.1%.
– The Russell 2000 is up 5.67 points, or 0.3%.