U.S. stocks fall for 4th straight day
Sep 01, 2022
New York [US], September 1:Wall Street's three major averages dropped on Wednesday, notching a four-day losing streak.
The Dow Jones Industrial Average slid 280.44 points, or 0.88 percent, to 31,510.43. The S&P 500 fell 31.16 points, or 0.78 percent, to 3,955.00. The Nasdaq Composite Index decreased 66.94 points, or 0.56 percent, to 11,816.20.
Ten of the 11 primary S&P 500 sectors ended in red, with materials and consumer discretionary down 1.21 percent and 1.05 percent, respectively, leading the laggards. The communication services group roughly closed flat.
Recent market weakness came as investors weighed the pace of inflation, interest rates and the economy.
U.S. Federal Reserve officials continued to reiterate their commitment to policy tightening, even if it would damage the economy.
"After Fed Chair Jerome Powell's Jackson Hole speech last week, where he committed to 'forcefully' work to combat inflation, and acknowledged that it would likely 'bring some pain to households and businesses,' the market is wondering how high rates will need to go to get inflation down," Kevin Matras, executive vice president at Zacks Investment Research, said in a note on Wednesday.
Traders also awaited monthly U.S. jobs data slated for release on Friday.
For August, the Dow finished down nearly 4.1 percent, while the S&P and Nasdaq lost 4.2 percent and 4.6 percent, respectively.
Source: Xinhua
