Tuesday, May 21, 2024
Today’s News

The Dow Drops About 400 Points, Prolonging the Poor Start to the Second Quarter

Tuesday’s stock market decline was caused by investors’ ongoing concern that the Federal Reserve Dow Drops may lower interest rates later than anticipated.

Following a decline of over 500 points at its lowest point, the Dow Jones Industrial Average fell 395 points, or 1%, on Tuesday. This indicates that within the first two days of the second quarter, the blue-chip index had dropped by about 800 points. Tuesday saw a 0.7% decline in the S&P 500 and a roughly 1% loss on the Nasdaq Composite.

According to Art Hogan, chief market strategist at B. Riley Financial, “it feels like after a strong run, people are looking for an excuse to take money off the top and allow this market to have a breather.”

The S&P 500 had its best first quarter since 2019 just before the market started to tumble. In the first three months of the year, the S&P 500 index increased by 10.2%, while the Dow and Nasdaq had 5.6% and 9.1%, respectively.

According to new data released on Friday, the Fed’s favored inflation measure, the Personal Consumption Expenditures price index increased by 2.5% for the 12 months ending in February. This growth rate was quicker than the rate of increase in prices in January.

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