Wall Street slammed the brakes on its big rally following disappointing profit reports from companies and warnings that the market had simply gone too far, too fast.
The S&P 500 fell 1.5 percent Wednesday for its worst loss since beginning a monster-sized run shortly before Halloween. FedEx tumbled after cutting its revenue forecast. Weakness for FedEx could damage hopes that the economy can conquer high inflation without a recession.
On Wednesday:
The S&P 500 fell 70.02 points, or 1.5 percent, to 4,698.35.
The Dow Jones Industrial Average fell 475.92 points, or 1.3 percent, to 37,082.00.
The Nasdaq composite fell 225.28 points, or 1.5 percent, to 14,777.94.
The Russell 2000 index of smaller companies fell 38.12 points, or 1.9 percent, to 1,982.84.
For the week:
The S&P 500 is down 20.84 points, or 0.4 percent.
The Dow is down 223.16 points, or 0.6 percent.
The Nasdaq is down 35.98 points, or 0.2 percent.
The Russell 2000 is down 2.29 points, or 0.1 percent.
For the year:
The S&P 500 is up 858.85 points, or 22.4 percent.
The Dow is up 3,934.75 points, or 11.9 percent.
The Nasdaq is up 4,311.46 points, or 41.2 percent.
The Russell 2000 is up 221.59 points, or 12.6 percent.
The Epoch Times copyright © 2023. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.
