After taking several U-turns through the day, the S&P 500 inched up by 0.98, or less than 0.1 per cent, to 4,274.51 and remains near its lowest level since June. The Dow Jones Industrial Average slipped 68.61 points, or 0.2 per cent, to 33,550.27 after earlier bouncing between a gain of 112 points and a loss of 312. The Nasdaq composite rose 29.24, or 0.2 per cent, to 13,092.85.
After more than a decade where the Federal Reserve would quickly cut rates in order to help the economy, still-high inflation is now discouraging the Fed from lowering rates. Its main interest rate is already at its highest level since 2001, and the Fed indicated last week it will cut rates in 2024 by less than earlier expected.
Even so, the "Fed won't be overly reactive" to drops in stock prices because the overall economy remains solid, the strategists led by Mark Cabana wrote in a BofA Global Research report. Recent jumps in oil prices have likewise turned up the heat on inflation, and crude climbed further Wednesday. Costco Wholesale was another winner, rising 1.9 per cent after it reported stronger profit for the latest quarter than analysts expected.
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Stock market today: Wall Street opens lower, a day after a rare gainNEW YORK (AP) — Wall Street is back to falling on Tuesday, even as pressure from the bond market relaxes a bit. The S&P 500 was 0.7% lower in early trading, coming off a rare gain and on track for its fifth drop in six days.
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Stock market today: Wall Street drops as its September slump gets even worseNEW YORK (AP) — Wall Street’s September swoon accelerated, knocking stocks down to their lowest levels since June. The S&P 500 fell 1.5% Tuesday, its fifth drop in six days. The Dow lost 388 points and the Nasdaq composite gave back 1.6%.
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Stock losses accelerate amid Fed fallout, shutdown worries: Stock market news todayStocks pulled back as Wall Street continued to face up to the prospect of a long period of high interest rates.
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