How major US stock indexes fared Wednesday, 8/2/2023
Wall Street tumbled to its worst day in months as its torrid rally that critics called overdone lost more momentum
Wall Street tumbled to its worst day in months as its torrid rally that critics called overdone lost more momentum.
The S&P 500 fell 1.4% Wednesday for its sharpest drop since April. It was the index’s second straight loss after hitting a 16-month high last week. The Dow lost 1%, and the Nasdaq sank 2.2%.
Yields were mixed after Fitch cut the U.S. government’s credit rating. The downgrade strikes at the core of the financial system, but it’s so far caused less drama than a similar cut in 2011. The big concerns remain corporate profits and the economy. Reports on those were mixed.
On Wednesday:
The S&P 500 fell 63.34 points, or 1.4%, to 4,513.39.
The Dow Jones Industrial Average fell 348.16 points, or 1%, to 35,282.52.
The Nasdaq composite fell 310.47 points, or 2.2%, to 13,973.45.
The Russell 2000 index of smaller companies fell 27.33 points, or 1.4%, to 1,966.83.
For the week:
The S&P 500 is down 68.84 points, or 1.5%.
The Dow is down 176.77 points, or 0.5%.
The Nasdaq is down 343.21 points, or 2.4%.
The Russell 2000 is down 14.70 points, or 0.7%.
For the year:
The S&P 500 is up 673.89 points, or 17.6%.
The Dow is up 2,135.27 points, or 6.4%.
The Nasdaq is up 3,506.96 points, or 33.5%.
The Russell 2000 is up 205.59 points, or 11.7%.
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