Stocks wobbled in morning trading on Wall Street Friday and are still on track for another week of losses in what has been a miserable opening to the year.
A U.S. flag waves outside the New York Stock Exchange, Monday, Jan. 24, 2022, in New York. Stocks are falling again in early trading on Wall Street, Friday, Jan. 28, continuing a miserable opening to the year for markets that has put the S&P 500 on track for its fourth straight weekly loss.
The Dow Jones Industrial Average fell 135 points, or 0.4%, to 34,036 and the Nasdaq was relatively unchanged.Both the S&P 500 and the Dow are on track for their fourth weekly loss in a row and the Nasdaq is headed for its fifth straight weekly loss. Broad weekly losses like this haven’t hit the market since September 2020.Industrial stocks and banks fell and weighed down the market, but big technology companies and communications stocks made gains and countered the losses elsewhere.
The central bank plans on raising interest rates to fight rising inflation and investors are concerned about the timing and pace of Fed’s policy shift. The latest statement from the Fed on Wednesday, along with comments from Chair Jerome Powell, revealed that it expects to raise rates “soon” and will phase out monthly bond purchases, which have been intended to lower longer-term rates, in March.
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