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Stocks on Thursday posted their third straight daily decline, as mounting fears that the Federal Reserve’s aggressive rate hikes will push the economy into a recession dented risk appetite for investors.
The Dow Jones Industrials jettisoned 416.97 points, or 1.4%, to 29,651.11.
The S&P 500 retreated 65.25 points, or 1.7%, to 3,692.91.
The NASDAQ Composite let go of 214.49 points, or 1.9%, to 11,066.81.
Thursday’s session left the major averages on pace to close the week with losses. The Dow is down about 2.4% week to date, while the S&P has lost 3%, and NASDAQ tumbled 3.3%, respectively. The S&P and Dow closed Thursday 2.5% and 0.5% off their recent lows.
Defensive stocks outperformed with drugmakers and consumer staples in the green on Thursday. Eli Lilly shares gained 4.9% after UBS upgraded the stock and said it could be developing the biggest drug ever.
Treasury prices fell slightly, sending yields up to 3.72% from Thursday’s 3.70%. Treasury prices and yields move in opposite direction.
Oil prices dragged $4.69 to $78.80 U.S. a barrel.
Gold prices thundered lower $29.00 to $1,652.10 U.S. an ounce.
