Tuesday September 13, 2022

// September 13th, 2022 // Daily News



Stock sell-off deepens, Dow drops 800 points after hot inflation report

Stocks fell sharply on Tuesday after a key August inflation report came in hotter than expected, hurting investor optimism for cooling prices and a less aggressive Federal Reserve.

The Dow Jones Industrial Average slid 845 points, or 2.6%. The S&P 500 dropped about 3%, and the Nasdaq Composite sank 3.9%. More than 490 stocks in the S&P 500 fell, with Facebook-parent Meta dropping 7.9% and Caesars Entertainment losing 7.3%.

The drop erased a large chunk of the recent rally for stocks, but the S&P 500 is still up about 2% from its Sept. 6 close of 3,908 and comfortably above its mid-June levels, when it fell below 3,700.

“The velocity of this move has been breathtaking, however the market has recovered substantially off of recent lows. That this 4,000 level is still holding for the S&P 500 does reveal the fact that markets are bothered, but markets are not panicking,” said Jeff Kilburg, founder and CEO of KKM Financial.

Stocks continue to fall

The losses for stocks have steadily deepened since the market open, with the Dow now off more than 800 points and the S&P 500 down nearly 3%. Facebook-parent Meta has dropped more than 7% and is one of the worst performers in the S&P 500.

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