Stocks fell broadly on Wall Street Wednesday, erasing most of their gains for the week, as investors were discouraged to see more evidence of inflation’s impact on businesses and another gloomy outlook on the global economy. The S&P 500 index fell 44.91 points, or 1.1%, to 4,115.77. The benchmark index managed to hold on to a slight gain for the week. It has notched losses for eight of the last nine weeks. The Dow Jones Industrial Average fell 269.24 points, or 0.8%, to 32,910.90 and the Nasdaq fell 88.96 points, or 0.7%, to 12,086.27.
Banks and industrial companies were among the biggest weights on the broader market, the AP reports. Wells Fargo fell 1.8% and Union Pacific shed 3.1%. Some technology stocks also fell. Intel lost 5.3%. The losses follow several bumpy days for markets, with major indexes often lurching between gains and losses by the hour. The volatility persists as investors try to determine how rising interest rates and inflation will impact the economy. Inflation continues to sting businesses. Lawn care products company Scotts Miracle-Gro slumped 8.9% after slashing its profit forecast for the year because retailers aren't replenishing orders as expected.
Retailers have been warning that inflation is crimping sales as consumers shift to either spending on services or focusing on necessities rather than purchasing otherwise discretionary items, like electronics. "What investors need to realize is it's going to be a long time until inflation numbers look good," says Brian Levitt, global market strategist at Invesco. "What they need to focus on is whether it gets better or worse related to expectations."
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