Stocks end lower Friday, cement biggest 9-month plunge in 20 years
U.S. stocks end sharply lower Friday, closing out a brutal month...
U.S. stocks end sharply lower Friday, closing out a brutal month of September and posting their worst skid in the first 9-months of a year in two decades as higher rates and recession fears grip investors.The Dow Jones Industrial Average DJIA, -1.71% tumbled about 495 points Friday, or 1.7%, ending near 28,730 as heavy selling intensified into the closing bell. The S&P 500 index [s:spx] shed 1.5%, while the Nasdaq Composite Index COMP, -1.51% finished down 1.5%. Losses for the week and month were far worse. The Dow led the major stock indexes lower with a 2.9% weekly skid, to end September down 8.8%. But the S&P 500 and Nasdaq recorded bigger monthly losses of 9.3% and 10.5%, respectively, according to FactSet data. The Federal Reserve's unwavering stance in September on raising rates until inflation finds a path down to its 2% target has been blamed for the sharp selloff.
API responds to Biden's hurricane price gouging warning
Market forces, rather than individual companies, are responsible for gasoline price fluctuations, said...
Market forces, rather than individual companies, are responsible for gasoline price fluctuations, said American Petroleum Institute spokesperson Andrea Woods after President Joe Biden on Wednesday warned the oil and natural gas industry against taking advantage of Hurricane Ian to increase prices at the pump. "In an unfolding weather event, our industry is focused on keeping the energy market well-supplied and delivering fuels where they are needed most while ensuring the safety of our workforce," Woods said.
The US housing market slowdown will last longer than originally expected as pending home sales...
The US housing market slowdown will last longer than originally expected as pending home sales fall off a cliff. That's according to the top economist at the National Association of Realtors. He explained why his outlook has changed recently — and what he expects next for mortgage rates and home prices in 2023.
Friday's Stock Futures Pointing to a Positive Open
US stock futures rise early Friday, along with European stocks. Meanwhile, in the UK,...
US stock futures rise early Friday, along with European stocks. Meanwhile, in the UK, Cardano Investment's Kerrin Rosenberg explained why the Bank of England's emergency bond purchase program may have prevented a collapse in the country's pension funds. Here are the latest market moves.
Earnings on deck: Alibaba Group Holding Ltd, Carnival plc, and more, all reporting.
Ian, one of the most powerful storms ever to hit the US, knocked out power to more than 2.5 million Florida...
Ian, one of the most powerful storms ever to hit the US, knocked out power to more than 2.5 million Florida customers after it came ashore on FL’s west coast on Wednesday afternoon. Its winds and storm surge of up to 18 feet trapped people in their homes, leveled buildings and cut off water supplies to some hospitals—forcing patients to be evacuated.
At least nine fatalities have been reported, but there will likely be more amid ongoing rescue efforts. After receiving a briefing from FEMA yesterday, President Biden said that early reports show “what may be a substantial loss of life.”
As for the impact on business…
Major Florida airports remained closed yesterday and thousands of flights were canceled. Tampa International Airport will reopen this morning.
The Tampa Bay Buccaneers said their Sunday home game against the Kansas City Chiefs will go on as planned.
The citrus industry is assessing the impact on Florida’s prodigious orange groves, which supply the vast majority of OJ in the US. The damage to the already struggling sector is expected to be significant.
