5 Days in a Row: Dow Can't Stop Skid

Markets wrap up a lousy week
By Newser Editors and Wire Services
Posted Sep 10, 2021 3:04 PM CDT
5 Days in a Row: Dow Can't Stop Skid
Trader Fred DeMarco, left, and specialist Dilip Patel work on the floor of the New York Stock Exchange, Thursday, Sept. 9, 2021.   (AP Photo/Richard Drew)

At one point Friday morning, the Dow was up nearly 200 points, notes CNBC. But by the time the closing bell rang, all those gains had been erased en route to a five-day losing streak. Health care, technology, and communications stocks in particular weighed on the market, per the AP. Those losses offset gains by industrial stocks and a mix of retailers and other companies that rely on direct consumer spending. The Dow fell 271 points to 34,607, the S&P 500 fell 34 points to 4,458, and the Nasdaq fell 132 points to 15,115. Stocks have traded in a relatively narrow range for several weeks, with most investors sitting on the sidelines waiting to get a fuller understanding of where the economy is headed and how the pandemic is affecting corporations.

“There isn't any new good news coming, and that’s important because we’ve gotten a decent amount of good news that has flowed up until this point this year,” said Liz Young, head of investment strategy at personal finance company SoFi. Investors got a negative piece of inflation data on Friday. Inflation at the wholesale level climbed 8.3% last month from August 2020, the biggest annual gain since the Labor Department started calculating the 12-month number in 2010. Federal Reserve policymakers have said they believe inflation this year would be temporary and is a result of the economy recovering from the pandemic. However, persistently high inflation could force the Fed's hand to start pulling back on its bond-buying program and low interest rate policy sooner than anticipated.

(More stock market stories.)

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