A late burst of buying on Thursday erased some of the stock market’s losses, leaving indexes mixed on Wall Street at the closing bell, per the AP.
- The Dow rose 145 points, or 0.4%, to 31,656.
- The benchmark S&P rose 11 points, or 0.3%, to 3,966.
- The tech-centric Nasdaq fell 31 points, or 0.2%, to 11,785.
Markets had been on a losing streak since last week, when Federal Reserve Chairman Jerome Powell indicated that the central bank will likely need to keep interest rates higher “for some time” in order to bring inflation down. The wave of selling wiped out much of the gains the market made in July and early August. On Thursday, technology stocks were once again the heaviest weight on the market. Nvidia dropped 10% after the chipmaker said the US government imposed new licensing requirements on its sales to China. Financial sector stocks and companies that rely on consumer spending also helped drag the market lower. American Express dropped 1.8% and cruise operator Carnival fell 2.5%.
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