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- Stocks closed lower on Thursday due to concerns about a potentially harmful mix of high inflation and slowing economic growth.
- A significant drop in Meta Platforms, a key Wall Street stock, also contributed to the market’s decline.
- Despite an earlier drop of 1.6%, the S&P 500 ended the day down by 0.5%.
US stock indexes experienced a downturn on Thursday, fueled by high inflation and slowing economic growth, with Meta Platforms’ sharp drop further dragging the market.
Market Performance Overview
The Dow Jones Industrial Average lost 1%, and the Nasdaq composite gave back 0.6%. Treasury yields rose after the government reported that inflation was higher than predicted during the first quarter of the year, and the economy’s growth slowed more than anticipated. The S&P 500 fell 23.21 points to 5,048.42, the Dow Jones Industrial Average fell 375.12 points to 38,085.80, and the Nasdaq composite fell 100.99 points to 15,611.76. The Russell 2000 index of smaller companies fell 14.31 points to 1,981.12.
Weekly and Yearly Performance
For the week, the S&P 500 is up 81.19 points or 1.6%, the Dow is up 99.40 points or 0.3%, the Nasdaq is up 329.75 points or 2.2%, and the Russell 2000 is up 33.46 points or 1.7%. For the year, the S&P 500 is up 278.59 points or 5.8%, the Dow is up 396.26 points or 1.1%, the Nasdaq is up 600.41 points or 4%, and the Russell 2000 is down 45.96 points or 2.3%.
Conclusion
Thursday’s stock market performance underscores the ongoing concerns about inflation and economic growth. The significant drop in Meta Platforms also played a role in the market’s decline. Despite these challenges, the market has shown resilience with positive weekly and yearly gains. Investors should continue to monitor these developments closely as they could significantly impact future market performance.
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