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Stocks moved between gains and losses Wednesday as traders weighed the possibility of a recession, and the likelihood of a longer-than-expected hiking cycle from the Federal Reserve.
The Dow Jones Industrials captured 49.77 points to 33,646.11.
The S&P 500 settled 1.25 points to 3,940.01.
The NASDAQ fell 65.12 points to 10.949.77.
Stocks are headed for weekly losses, with the Dow down 2.6%. The S&P is off 3.5%, and the NASDAQ has dipped 4.5%.
Salesforce, Apple and Alphabet dipped about 1% each, while Tesla dropped roughly 3% as longtime bear Toni Sacconaghi said the company needs to lower prices to deal with falling demand.
Investors have been losing hope that the Fed will be able to engineer a so-called soft landing that successfully tamps down inflation through higher rates and also avoids a recession. Instead, concerns are swirling around the state of the economy and the likelihood of a downturn in 2023.
Prices for the 10-year Treasury hiked, lowering yields to 3.46% from Tuesday’s 3.53%. Treasury prices and yields move in opposite directions.
Oil prices improved 27 cents to $74.52 U.S. a barrel.
Gold prices brightened $14.60 to $1,797.00 U.S. an ounce.
