S&P 500 posts worst day since April
“If we start to see wages moving higher that’s got a be a signal that we are getting closer to the Fed’s mandates,” said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
Based on the latest available data, the Dow Jones industrial average fell 316.8 points, or 1.88 percent, to 16,563.56, the S&P 500 lost 39.39 points, or 2 percent, to 1,930.68, and the Nasdaq Composite dropped 93.13 points, or 2.09 percent, to 4,369.77.
In a signal of possible further losses ahead, the S&P 500 closed below its 50-day moving average for the first time since April 15.
Investors on Wednesday had hoped for a midnight deal over Argentina’s debt talks with holdout creditors, but the plan fell through. Even a short default will raise companies’ borrowing costs, add to pressure on the peso, drain dwindling foreign reserves and fuel one of the world’s highest inflation rates.
- How much more would prices have to rise before you'd consume less?
- I've already cut back
- More than 100%
- Total Votes: 63
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