[ad_1]
The S&P 500 fell for a fifth consecutive day Wednesday amid recession worries and the possibility of the Federal Reserve hiking interest rates.
The Dow Jones Industrial Average gained 1.58 points, or less than 0.1%, to 33,597.92. The S&P 500 fell 7.34 points, or 0.2%, to 3,933.92. The Nasdaq Composite dropped 56.34 points, or 0.5%, to 10,958.55.
Traders have watched consumer strength as a way to chart the economic outlook. CNBC noted that Wells Fargo CEO Charlie Scharf cited weak credit-card spending and roughly flat debit card transaction volumes.
Some stocks that declined included Carvana (CVNA), which dropped $2.88, or 42.92%, to $3.83. Shares of Tesla (TSLA) fell $5.78, or 3.21%, to close at $174.04.
“The market’s kind of bobbing and weaving and finding its breath after the big rally off the October lows,” Ryan Detrick, chief market strategist at the Carson Group, told CNBC.
[ad_2]
Source link
