Rundown: How the week ended for investors and the economy
People walk past the New York Stock Exchange on Wednesday, June 29, 2022 in New York. Inflation tightened its grip on businesses and consumers during the second quarter, and investors expect to see a dent in the latest round of corporate earnings. Wall Street had expected relatively muted earnings growth in 2022 following a sharp recovery in 2021 that was driven by pent up demand from consumers. (AP Photo/Julia Nikhinson)
Wall Street trading closed lower than expected by the end of the week after a report showed inflation is slowing. It wasn’t slowing as much as investors had hoped.
The weakness in the market came after the U.S. government released a report showing how prices at the wholesale level were 7.4% higher in November than a year earlier.
It’s a slowdown compared to October, but worse than economists expected.
High inflation, along with the Federal Reserve’s economy-crunching response to it, have been the main reasons for the stock market’s painful tumble this year.
By Friday:
- The S&P 500 fell 0.7% Friday, marking its first losing week in the last three.
- The Dow Jones Industrial Average fell 305.02 points, or 0.9%, to 33,476.46.
- The Nasdaq fell 77.39 points, or 0.7%, to 11,004.62.
- The Russell 2000 index of smaller companies fell 21.63 points, or 1.2%, to 1,796.66.
Overall this week:
- The S&P 500 was down 137.32 points, or 3.4%.
- The Dow was down 953.42 points, or 2.8%.
- The Nasdaq was down 456.88 points, or 4%.
- The Russell 2000 was down 96.18 points, or 5.1%.
Overall this year:
- The S&P 500 was down 831.80 points, or 17.5%.
- The Dow was down 2,861.84 points, or 7.9%.
- The Nasdaq was down 4,640.35 points, or 29.7%.
- The Russell 2000 was down 448.65 points, or 20%.
