Stocks closed lower as Wall Street’s worries about the U.S. banking system cranked even higher.
The S&P 500 lost 0.7% Thursday. The Dow Jones Industrial Average fell 286 points and is now down for the year. The Nasdaq composite also closed lower. PacWest Bancorp fell by half as investors looked for the next weak link following several big U.S. bank failures since March. Other smaller and mid-sized banks also fell sharply.
Helping to limit the market’s losses were several companies reporting better profits than expected. The European Central Bank also raised its benchmark interest rate and indicated more rate hikes were on the way.
On Thursday:
The S&P 500 fell 29.53 points, or 0.7%, to 4,061.22.
The Dow Jones Industrial Average fell 286.50 points, or 0.9%, to 33,127.74.
The Nasdaq composite fell 58.93 points, or 0.5% to 11,966.40.
The Russell 2000 index of smaller companies fell 20.47 points, or 1.2%, to 1,718.81.
For the week:
The S&P 500 is down 108.26 points, or 2.6%.
The Dow is down 970.42 points, or 2.8%.
The Nasdaq is down 260.19 points, or 2.1%.
The Russell 2000 is down 50.18 points, or 2.8%.
For the year:
The S&P 500 is up 221.72 points, or 5.8%.
The Dow is down 19.51 points, or 0.1%.
The Nasdaq is up 1,499.92 points, or 14.3%.
The Russell 2000 is down 42.43 points, or 2.4%.
Sourse: abcnews.go.com
