The Dow's swing of more than 1,300 points during the day was its largest since March 2020, as was S&P 500's percentage move from low to high. The Dow Jones Industrial Average fell as many as 549 points shortly after the report's release, and the Nasdaq was down as much as 3.2%.īut the midday reversal for markets had the Dow up 807 points, or 2.8%, at 30,018, as of 1:30 p.m. That forced investors to brace for continued, big hikes to interest rates by the Federal Reserve to get inflation under control, and the potential recession those moves could create. One component that's closely followed by policymakers and investors accelerated to its hottest level in 40 years. Other markets around the world likewise veered sharply from losses to gains, while analysts offered possible reasons for the reversal but little that was concrete.īesides stocks, prices also initially tumbled for bonds and cryptocurrencies in the knee-jerk reaction to a disappointing report from the U.S. The S&P 500 was 2.5% higher in afternoon trading, a stunning reversal after earlier being down as much as 2.4% and touching its lowest level in nearly two years. NEW YORK (AP) - Wall Street's biggest comeback in years means stocks are rallying Thursday after roaring back from steep morning losses caused by a worse-than-expected report on inflation.
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