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On Wall Street, dismal streak continues as stocks fall

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Stocks fell in afternoon trading on Wall Street Friday, continuing a dismal streak as markets worry about high inflation and the possibility that higher interest rates could bring on a recession

The S&P 500 fell 0.3 per cent as of 12:18 p.m. Eastern. The Dow Jones Industrial Average fell 97 points, or 0.3 per cent, to 30,679 and the Nasdaq fell 0.4 per cent.

The latest slip precedes a long holiday weekend. Financial markets in the U.S. will be closed on Monday for Independence Day. Economic data over the last few weeks has shown that inflation remains hot and the economy is slowing. The latter has raised hopes on Wall Street that the Fed will eventually ease off its aggressive push to raise rates, which have been weighing on stocks, especially pricier sectors like technology. Analysts don’t expect much of a rally for stocks until there are solid signs that inflation is cooling.

 

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