Stocks Slip Following Post-Fed Rout
(MENAFN- Baystreet.ca) Stocks Slip Following Post-Fed Rout
Stocks lost ground on Thursday after the major averages came off a day of steep losses following another large rate hike from the Federal Reserve.
The Dow Jones Industrials lost another 44.42 points to move into mid-morning trading at 30,139.36.
The S&P 500 let go of 20.53 points to 3,769.40.
The NASDAQ Composite stumbled 128.85 points, or 1.2%, to 11,090.74.
Boeing fell more than 2% to lead the Dow lower. Industrials and consumer discretionary were the worst-performing S&P 500 sectors, losing more than 1% each. Growth-oriented tech stocks and semiconductors also took a leg lower.
Shares of Robinhood jumped amid a report that the SEC won't ban payment for order flow. On the economic front, the latest data on weekly jobless claims came in slightly better than expectations.
Treasury prices fell sharply, sending yields springing up to 3.68% from Wednesday's 3.51%. Treasury prices and yields move in opposite direction.
Oil prices gained $1.05 to $83.99 U.S. a barrel.
Gold prices popped $7.90 to $1,683.60 U.S. an ounce.
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