Markets Close Turbulent Week On A Down Note
The S&P 500 traded lower in a roller coaster week on Wall Street as investors digested another Federal Reserve interest rate hike and a mixed batch of earnings reports.
On Wednesday, the Federal Reserve announced it’s raising its fed funds interest rate target by 0.5% to a new range of between 0.75% and 1%. The decision marked the first time the Fed has issued a rate hike of 0.5% or larger in more than 20 years.
The stock market experienced extreme volatility following the interest rate hike. The Wednesday announcement triggered a 900-point relief rally in the Dow Jones industrial average on Wednesday, its best single-day performance since 2020. Unfortunately, the Dow lost more than 1,000 points on Thursday, its worst single-day loss since 2020.
On Friday, the Labor Department reported the U.S. economy added just 428,000 jobs in April, beating economist estimates of 400,000 jobs. The Labor Department also revised its previous jobs estimates for February and March lower by a total of 39,000 jobs.
WTI crude oil prices climbed above $108 per barrel on Friday for the first time in over a month on concerns that a new round of European Union sanctions on Russian oil could further restrict a tight global oil supply.
The Nasdaq composite finished lower Friday by 1.40% to 12,144; The Invesco QQQ Trust Series 1 (NASDAQ:QQQ) lost 1.20% to $309.25
The S&P 500 traded lower by 0.56% to 4,123; The SPDR S&P 500 ETF Trust (NASDAQ:SPY) lost 0.60% to $411.34
The Dow Jones composite finished lower by 0.38% to 11,300; The SPDR Dow Jones Industrial Average ETF Trust (NASDAQ:DIA) finished lower by 0.35% at $329.07
Here are the day's winners and losers from the Dow Jones, according to data from Benzinga Pro.
Elsewhere On The Street
The Formula One racing league announced a renewal with a major media company this week, posted earnings results and is preparing for a race in the U.S., a territory that has seen huge growth. Here’s the latest… Read More
Interest rates are skyrocketing. The speed and rate of the recent move higher in 10-year U.S. Treasury yields is unprecedented… Read More
Wayne Duggan contributed to this report.