Stocks gave up an early rally and finished lower on Wall Street, marking their third consecutive losing week.
The indices had opened higher following a labor market report that showed a moderate slowdown in hiring. This fueled cautious optimism that the Federal Reserve might not need to be so aggressive with high interest rates in its fight against inflation.
Indexes fell in the afternoon after Russian energy giant Gazprom said it would not reopen a gas pipeline to Germany just yet, a bad sign for Europe’s continued struggle against rising energy prices.
The S&P 500 fell 42.59 points, or 1.1%, to 3,924.26.
The Dow Jones Industrial Average fell 337.98 points, or 1.1%, to 31,318.44.
The Nasdaq fell 154.26 points, or 1.3%, to 11,630.86.
The Russell 2000 Small Business Index fell 13.07 points, or 0.7%, to 1,809.75.
For the week:
The S&P 500 is down 133.40 points, or 3.3%.
The Dow is down 964.96 points, or 3%.
The Nasdaq is down 510.85 points, or 4.2%.
The Russell 2000 is down 90.08 points, or 4.7%.
For the year:
The S&P 500 is down 841.92 points, or 17.7%.
The Dow is down 5,019.86 points, or 13.8%.
The Nasdaq is down 4,014.11 points, or 25.7%.
The Russell 2000 is down 435.57 points, or 19.4%.
This story was originally published September 2, 2022 2:22 p.m.