Dow Tumbles, S&P Enters Correction Territory
Date
10/27/2023 7:16:35 PM
(MENAFN- Baystreet) Dow Tumbles, S&P Enters Correction Territory
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Stocks turned lower Friday as renewed selling on fears of a recession pushed the Dow Jones Industrial Average down more than 400 points and the S&P 500 into correction territory.
The 30-stock index shed 378.48 points, or 1.2%, by the close of business on Friday at 32,405.82. The Dow was pressured by declines in JPMorgan Chase after CEO Jamie Dimon said he planned to sell one million shares next year.
The S&P 500 index sank 19.86 points to 4,117.37, its lowest level in five months and down 10.4% from this year's peak on July 31.
The NASDAQ pushed forward 47.41 points to 12,643.01, thanks to shares of Amazon. Amazon added more than 8% after the e-commerce giant trounced analysts' expectations for revenue and earnings in the third quarter. Other megacap stocks such as Microsoft followed Amazon shares higher.
All three major averages sustained steep weekly losses. The Dow sank 2%, and S&P 500 is down 2.6%, for the week. The NASDAQ has fallen 2.8% in that time, dragged down from steep declines in Meta Platforms and Google-parent company Alphabet.
The decline in key tech stocks pushed the NASDAQ into correction territory after falling more than 10% from its closing high in July on Wednesday.
Traders also weighed new inflation data after the core personal consumption expenditures reading for September was released.
Core PCE increased 0.3% last month and 3.7% year over year, matching estimates from economists polled by Dow Jones. Consumer spending increased 0.7%, however, surpassing estimates of 0.5%. PCE is the Federal Reserve's preferred inflation gauge.
Prices for the 10-year Treasury faded a mite, raising yields to Thursday's 4.84%. Treasury prices and yields move in opposite directions.
Oil prices tacked on $!.97 to $85.18 U.S. a barrel.
Gold prices leaped $19.90 to $2,017.30.
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