A wave of selling on
The S&P; 500 index retreated 0.7% and more than three-quarters of the companies represented in that barometer fell. The tech-led Nasdaq composite index lost 1.7%, while the Dow Jones Industrial Average barely moved, down less than 1 point.
Smaller-company stocks fell more than the rest of the market, with their index, the Russell 2000, plunging 2.3%. About three stocks lost for every one that gained on the
The pullback came after the S&P; 500 index racked up a 3.6% gain in the first three days of the week, mainly after concerns about the omicron variant of the virus that causes COVID-19 abated.
The rally had reversed two weeks of setbacks on concerns about rising inflation and the possibility of the coronavirus hampering economic growth.
Investors welcomed reports that there are early indications that the omicron variant may be less dangerous than the delta variant, including
“Today, because of that, people are getting a little bit of a breather to weigh in with other information, which could indicate a more sustained direction for the market, particularly on the economic numbers front,” said
The S&P;500 retreated 33.76 points to 4,667.45. The Dow was down less than 1 unit at 35,754.69. The Nasdaq declined 269.62 points to 15,517.37. The Russell 2000 index was down 51.50 points at 2,220.71. All indexes were in position to close with weekly gains.
Technology stocks and a mix of retailers and other companies that rely directly on consumer spending weighed on the S&P; 500’s performance.
Bond yields were down slightly. The yield on the 10-year
Most energy futures were lower.
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The S&P Merval index fell 3.02% and Argentine ADRs on Wall Street fell up to 6.3%.
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