Another volatile day of trading on Wall Street ended Thursday with stocks closing lower after giving up an early rally. The late-afternoon fade extended the market's losing streak as it closes in on its fourth weekly loss. Markets are still processing the latest indications from the Federal Reserve a day earlier that the central bank is increasingly concerned about inflation and plans to raise interest rates and take other steps soon to fight it, per the AP. Investors were encouraged to see strong figures for US economic growth, which showed the biggest climb in GDP last year since 1984.
The S&P 500 fell 0.5%, 23.42 points to 4,326.51 for its third straight decline. The benchmark index had been up as much as 1.8% in the early going. The Dow slipped 7.31 points to 34,160.78, less than 0.1%, and the Nasdaq gave up 1.4%, dropping 189.34 points to 13,352.78. Smaller company stocks fell more than the broader market. Stocks have been on a roller-coaster ride throughout the week as investors try to adjust to the idea of rising interest rates after the Fed's policy of near-zero rates helped boost stock prices for nearly two years. "I'd kind of characterize this as healthy whiplash," said Jason Pride, chief investment officer of private wealth at Glenmede. "The market's seeing the change in terrain and it's adjusting appropriately; the terrain is going to have higher interest rates."
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