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Stocks fell in choppy trading Friday as Wall Street closed out a terrible week, month and quarter that brought the S&P 500 to a new 2022 low.
The Dow Jones Industrials collapsed 500.1 points, or 1.7%, to close a dreadful week at 28,725.51, to finish below 29,000 for the first time since November 2020.
The S&P 500 ducked 54.85 points, or 1.5%, to 3,585.62, closing out its worst month since March 2020.
The NASDAQ Composite dropped 161.89 points, or 1.5%, to 10,575.62.
Friday marked the last day of the month and the third quarter. For September, the Dow is down 8.8%, while the S&P 500 is down 9.3%. The NASDAQ lost 10.5%.
Nike shares fell sharply in its worst day since 2001 after the company reported that sales increased, but supply chain and inventory issues hampered the bottom line in its fiscal first quarter. The stock closed down 12.8%.
Quarter to date, the S&P 500 and Nasdaq wrapped up their first three-quarter losing streak since 2009, losing 5.3% and 4.1%, respectively.
The Dow is down 6.7% in the third quarter and saw a third-straight losing quarter for the first time since 2015.
For the week, the major averages posted sharp losses. The S&P 500 is off 2.9% for the week. The Dow is down 2.9% and the NASDAQ is 2.7% lower.
Quarter to date, the S&P 500 and NASDAQ are headed for their first three-quarter losing streak since 2009, the S&P losing 4% and the NASDAQ bleeding red ink 2.7%. The Dow was down 5.4% in the third quarter and is on pace to post a third-straight losing quarter for the first time since 2015.
An inflation report closely watched by the Federal Reserve released Friday showed that prices continued to increase at a rapid pace.
Treasury prices skidded, raising yields to 3.82% from Thursday’s 3.77%. Treasury prices and yields move in opposite direction.
Oil prices lost $1.59 to $79.64 U.S. a barrel.
Gold prices advanced $1.50 to $1,682.40 U.S. an ounce.
