For the Market, It's 3 Straight Losing Weeks

On Friday, news out of Russia brought a rally to a fizzle
By Newser Editors and Wire Services
Posted Sep 2, 2022 3:27 PM CDT
For the Market, It's 3 Straight Losing Weeks
Statues adorn the facade of the New York Stock Exchange.   (AP Photo/John Minchillo, File)

Stocks gave up an early rally and ended lower Friday on Wall Street, marking their third losing week in a row. Indexes had opened higher following a report on the job market that showed a moderate slowdown in hiring, per the AP. The report stoked cautious optimism that the Federal Reserve may not need to be as aggressive with high interest rates in its fight against inflation. However, indexes turned lower in the afternoon after Russian energy giant Gazprom said it wouldn’t reopen a natural gas pipeline to Germany for now, a bad sign for Europe’s ongoing struggle with higher energy prices.

  • The Dow fell 337 points, or 1%, to 31,318.
  • The S&P 500 fell 42 points, or 1%, to 3,924.
  • The Nasdaq fell 154 points, or 1.3%, to 11,630.
  • For the week: All the major indexes were down for the week, notes CNBC: The Dow fell 3%, the S&P 3.3%, and the Nasdaq 4.2%.

“The jobs report today was nice, but it was not enough to obviously sustain the rally,” said Ross Mayfield, investment strategist at Baird. “The bar to clear is ‘does this change the trajectory of the Fed?' And I don’t know that this report is enough to say yes."

(More stock market stories.)

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