S&P 500 falls to new low for the year


New York (EFE).- Wall Street closed in the red on Thursday and the S&P 500 index fell to a new low for the year, down 2.11%, after yesterday’s rebound and coinciding with the official confirmation that the US economy it fell by 0.1% in the second quarter of the year.

At the close of trading on the New York Stock Exchange, the dow jones It was down 1.45% or 458.13 points at 29,225.61, and the selective S&P 500 was down 78.57 points at 3,640.47.

For its part, the composite index of the Nasdaq market, which includes the main technology companies, was the one that depreciated the most with a drop of 2.84% or 314.13 integers, to 10,737.51.

The US prosecution thus left behind the gains made the day before, coinciding with confirmation from the government that the country’s economy fell by 0.1% in the second quarter of the year and fell at an annual rate of 0.6%.

This was underlined by the third and final official calculation of the country’s economic development released today by the Bureau of Labor Statistics (BEA), which confirms the technical recession of the world’s largest economy, registering two quarters consecutive declines -0.4% from January to March and a tenth from April to June.

“This volatility is quite impressive,” Peter Bermont, senior portfolio manager and CEO of Bermont Gold Wealth Advisory, told The Wall Street Journal.

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Economists work at the headquarters of the New York Stock Exchange on September 29, 2022. EFE / Justin Lane

Apple closed for a second straight day lower (-4.91%) after Bank of America downgraded tech stocks to neutral and lowered its price target, citing weaker consumer demand for the iPhone maker. .

Yesterday, the Bloomberg agency published that the technology company was abandoning its plan to increase production of its new iPhones.

“Apple just wants you to think it’s a macro issue rather than a product cycle issue. But the reality is they’re dealing with both right now,” said Robert Cantwell, manager. holdings at Upholdings, in statements collected by CNBC today.

Sector performance

By sectors, losses predominated and were led by utilities (-4.91%), non-essential goods (-3.36%) and real estate (-2.87%).

Among the thirty companies listed on the Dow Jones index, the biggest losses were recorded by Boeing (-6.08%) and Walgreens (-4.97%).

While the only ones that closed in the green were Travelers (1.15%) and Visa (0.49%).

In other markets, Texas crude fell to $81.23 a barrel and at the close of Wall Street the yield on 10-year U.S. Treasuries rose to 3.76%, gold fell to 1,669.00 dollars an ounce and the dollar lost ground against the euro, with a variation of 0.9798.

Web editor: Juan David Mosos


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