The major indices had a roller coaster of the day. The day started with the indices down. Then they rallied after Fed’s Powell testimony in front of the Senate Banking Committee talked about “demand destruction” – implying perhaps a scenario where the Fed might not have to make it to 3.4% by year end. Later, the indices sold off when he did not rule out not having to raise rates by 100 basis points (although it was more or less an admission that “anything is possible”).
Later toward the close, the stocks move higher and lower, closing modestly lower in all the major indices.
The final numbers are showing:
- Dow industrial average fell -47.12 points or -0.15% at 30483.14. At session highs the index was up 0.81% and at the lows the index was down -1.19%
- S&P fell -4.9 points or -0.13% at 3759.90. At the high the index was up 0.98%. At the lows the index was down -1.25%
- NASDAQ fell -16.21 points or -0.15% at 11053.09. At the high the index was up 1.33%. At the lows the index was down -1.19%.
- Russell 2000 fell -3.75 points or -0.22% at 1690.27
The top performing stocks in the Dow 30 were:
- United health, +1.9%
- Johnson & Johnson, +1.58%
- Procter & Gamble +1.5%
- McDonald’s +1.38%
- Merck and Company +1.26%
The biggest decliner’s today included:
- Dow, -4.71%
- Caterpillar -4.33%