Oil prices got back to jumping, while sinking technology stocks dragged Wall Street lower amid uncertainty about what the Federal Reserve will do to get high inflation under control.
The S&P 500 fell 1.5 percent Wednesday after briefly erasing all of an earlier drop of 1.2 percent. The Dow Jones Industrial Average pulled back 2.2 percent, and the Nasdaq composite lost 1.7 percent.
More drops for recent AI winners including Nvidia, Micron Technology, and AMD weighed on the stock market. In oil trading, the price of Brent crude leaped 7.3 percent to settle above $88 per barrel.
On Wednesday:
The S&P 500 fell 112.63 points, or 1.5 percent, to 7,316.15.
The Dow Jones Industrial Average fell 1,153.18 points, or 2.2 percent, to 51,594.14.
The Nasdaq composite fell 433.97 points, or 1.7 percent, to 24,442.94.
The Russell 2000 index of smaller companies fell 47.49 points, or 1.6 percent, to 2,906.31.
For the week:
The S&P 500 is down 95.83 points, or 1.3 percent.
The Dow is down 353.11 points, or 0.7 percent.
The Nasdaq is down 532.88 points, or 2.1 percent.
The Russell 2000 is down 23.69 points, or 0.8 percent.
For the year:
The S&P 500 is up 470.65 points, or 6.9 percent.
The Dow is up 3,530.85 points, or 7.3 percent.
The Nasdaq is up 1,200.95 points, or 5.2 percent.
The Russell 2000 is up 424.40 points, or 17.1 percent.
The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
