Stocks Trim Losses, but Finish Mostly Lower

Crypto holders are feeling the pain, too
By Newser Editors and Wire Services
Posted May 12, 2022 3:17 PM CDT
Stocks Trim Losses, but Finish Mostly Lower
In this file photo, trader Thomas Ferrigno, left, and specialist Meric Greenbaum work on the floor of the New York Stock Exchange.   (Courtney Crow/New York Stock Exchange via AP)

(Newser) – The selloff eased a bit on Thursday. The Dow fell 103 points to 31,730, while the S&P 500 fell 5 points to 3,930. The tech-heavy Nasdaq managed to tick up 6 points to 11,370. All three changes were just a fraction of a percent either up or down. Still, major indexes are all in the red for the week as investors continue to worry about rising inflation and rising interest rates, per the AP. For much of the day, technology stocks were again among the biggest weights on the broader market, though things improved toward the end of trading.

“The pullback in growth stocks, tech in particular, has been dramatic,” said Brian Price, head of investment management at Commonwealth Financial Network. “We have a reckoning, if you will, that maybe we did go too far too fast” with many of those stocks. The Wall Street Journal notes that a similar selloff is taking place in cryptocurrency, with Bitcoin falling below $29,000 per coin, down about 60% from its November high. Meanwhile, another inflation metric offered bleak news on Thursday: The producer-price index rose in April by an annual rate of 11%, worse than expected.

(Read more stock market stories.)

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