Stocks Resume Slump, Slide Deeper Into the Red

Stocks fell again on Thursday, putting major indexes deeper in the red for the week. The Dow slid 173 points to 30,961, the S&P 500 fell 44 points to 3,901, and the Nasdaq fell 167 points to 11,552. Technology stocks were among the biggest weights on the broader market, per the AP. Adobe slumped 17.2%, the largest drop among S&P 500 stocks, after the software maker announced a $20 billion acquisition of a design company and issued a disappointing revenue forecast.

Railroad operators were mostly higher after a tentative labor agreement was reached, averting a strike across the country that could have been devastating to the economy. Union Pacific rose 0.1%. Investors also were digesting the latest report on retail sales, which gave a mixed view of how consumers are coping with the hottest inflation in four decades. The government report showed that retail sales rose an unexpected 0.3% in August after falling 0.4% in July. Inflation hurt several areas of spending, though, with business at restaurants still growing, but at a slower pace, while furniture and online sales fell.

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