Stocks Post a Losing Week

Report on wholesale inflation follows similar consumer data
By Newser Editors and Wire Services
Posted Feb 16, 2024 4:00 PM CST
Stocks Post a Losing Week
Traders work on the floor of the New York Stock Exchange floor in New York on Jan. 17.   (AP Photo/Ted Shaffrey)

Stocks slipped Friday to send Wall Street to a rare losing week, just its second in the last 16:

  • The S&P 500 fell 24.16 points from its all-time high set a day earlier, or 0.5%, to 5,005.57, per the AP. For the week, was down 21.04 points, or 0.4%.
  • The Dow fell 145.13 points, or 0.4%, to 38,627.99. It dropped 43.70 points, or 0.1%, for the week.
  • The Nasdaq fell 130.52 points, or 0.8%, to 15,775.65. The decline for the week was 215.01 points, or 1.3%.

A report in the morning on inflation at the wholesale level provided the latest reminder that the battle against rising prices isn't over. Prices rose more in January than economists expected, and the numbers followed a similar report from earlier in the week that showed living costs for US consumers climbed by more than forecast. The data kept the door closed on hopes that the Federal Reserve could begin cutting interest rates in March, as traders had earlier hoped. It also discouraged bets that a Fed move to relax conditions on the economy and financial markets could come even in May, per the AP.

"Markets are likely to take a well-deserved breather following a staggering rally since October," said Mark Hackett, Nationwide's chief of investment research, "though the lack of emotional reaction to elevated inflation readings and shifting Fed expectations reflect the optimism of investors." If the economy does remain resilient, it would allow companies to deliver growth in profits, which can prop up stock prices. (More stock market stories.)

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