Wall Street ends choppy session higher with firm focus on Fed

Dow falls but narrowly avoids confirming bear market status

Sign up now for FREE unlimited access to Reuters.com

Sept 23 (Reuters) – The blue-chip Dow Jones Industrial Average (.DJI) fell to its lowest level since November 2020 on Friday, but came close to finishing more than 20% below its closing all-time high. of January 4.

A Dow Jones close below 29,439.72 would have confirmed a bear market that started from that record, according to a widely used definition. read more The Dow Jones fell 486.27 points, or 1.62%, to close at 29,590.41.

The Dow is the only one of the three major indices that does not have a bear market status. The S&P 500 (.SPX) hit that grim milestone in June and the Nasdaq (.IXIC) in March.

Sign up now for FREE unlimited access to Reuters.com

The renewed selling pressure in the markets came in a week in which the US Federal Reserve raised interest rates by three-quarters of a percentage point for the third consecutive time and pledged to keep them until inflation is under control. control.

It’s been a tumultuous year for Wall Street, plagued by concerns about a Russian invasion of Ukraine, an energy crisis in Europe and the end of easy money politics globally.

The S&P 500 has lost 23% this year and the Nasdaq has lost 31%.

The last time all three indices fell back so sharply was in 2020, during the height of the pandemic sell-off.

Rising fears of a US economic downturn next year and its impact on corporate profits have prompted brokerage houses to lower their year-end targets for the S&P 500. read more

Dow Jones Industrials bear markets

(This story is being re-archived to correct the typo in the title)

Sign up now for FREE unlimited access to Reuters.com

Reporting from Medha Singh in Bangalore; additional reporting by Caroline Valetkevitch; Edited by Shounak Dasgupta, Shinjini Ganguli, Maju Samuel, and Diane Craft

Our standards: the Thomson Reuters Trust Principles.

Leave a Comment

Your email address will not be published.