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S&P 500 ends near two-year low as bear market deepens

Economy Sep 27, 2022 07:01PM ET
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© Reuters. Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2022. REUTERS/Brendan McDermid
 
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By Noel Randewich and Shreyashi Sanyal

(Reuters) - Wall Street sank deeper into a bear market on Tuesday, with the S&P 500 recording its lowest close in almost two-years as Federal Reserve policymakers showed an appetite for more interest rate hikes, even at the risk of throwing the economy into a downturn.

The benchmark S&P 500 is down about 24% from its record high close on Jan. 3. Last week, the Fed signaled that high rates could last through 2023, and the index erased the last of its gains from a summer rally and recorded its lowest close since November 2020.

The S&P 500 has declined for six straight sessions, its longest losing streak since February 2020.

Graphics: S&P 500 sinks deeper into bear market - https://fingfx.thomsonreuters.com/gfx/mkt/xmvjozodypr/Pasted%20image%201664305293156.png

Speaking on Tuesday, St. Louis Fed President James Bullard made a case for more rate hikes, while Chicago Fed President Charles Evans said the central bank will need to raise rates by at least another percentage point this year.

"It's disappointing, but it's not a surprise," said Robert Pavlik, senior portfolio manager at Dakota Wealth in Fairfield, Connecticut. "People are concerned about the Federal Reserve, the direction of interest rates, the health of the economy."

Analysts at Wells Fargo (NYSE:WFC) now see the U.S. central bank taking its target range for the Fed funds rate to between 4.75% and 5.00% by the first quarter of 2023.

Seven of 11 S&P 500 sector indexes fell, with utilities and consumer staples each down about 1.7% and leading declines.

The energy sector index rallied 1.2% after Sweden launched a probe into possible sabotage after major leaks in two Russian pipelines that spewed gas into the Baltic Sea.

Tesla (NASDAQ:TSLA) gained 2.5% and Nvidia (NASDAQ:NVDA) added 1.5%, with both companies helping keep Nasdaq in positive territory.

Traders exchanged over $17 billion worth of Tesla shares, more than any other stock.

The benchmark U.S. 10-year Treasury yield touched its highest level in more than 12 years amid the hawkish comments from Fed officials. [US/]

The Dow Jones Industrial Average fell 0.43% to end at 29,134.99 points, while the S&P 500 lost 0.21% to 3,647.29.

The Nasdaq Composite climbed 0.25% to 10,829.50.

Concerns about corporate profits taking a hit from soaring prices and a weaker economy have also roiled Wall Street in the past two weeks.

Analysts have cut their S&P 500 earnings expectations for the third and fourth quarters, as well as for the full year. For the third quarter, analysts now see S&P 500 earnings per share rising 4.6% year-over-year, compared with 11.1% growth expected at the start of July.

Volume on U.S. exchanges was 11.7 billion shares, compared with an 11.3 billion average for the full session over the last 20 trading days.

Declining issues outnumbered advancing ones on the NYSE by a 1.25-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored advancers.

The S&P 500 posted no new 52-week highs and 146 new lows; the Nasdaq Composite recorded 28 new highs and 502 new lows.

S&P 500 ends near two-year low as bear market deepens
 

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Comments (41)
Kerry Ditto
Kerry Ditto Sep 27, 2022 9:06PM ET
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people are optimistic and confident thanks to relief from long pandemic, declining prices of energy and others, and possible replacement of failed Fed chair.
Kerry Ditto
Kerry Ditto Sep 27, 2022 4:27PM ET
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Blood, Bottom mean Buy.
Stephen Fa
Stephen Fa Sep 27, 2022 4:27PM ET
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You go first
Jeff Chevalier
Jeff Chevalier Sep 27, 2022 4:27PM ET
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Weren't you the one saying that the bottom was June 17th and it was only up from there? Lol
Kerry Ditto
Kerry Ditto Sep 27, 2022 4:13PM ET
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Forget bitcoin stuff. Buy S&P indexes. Time to buy.
lakes Tenn
lakes Tenn Sep 27, 2022 4:13PM ET
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not till 3300 or Lower. we still have at least 2 more negative GDP coming.
Kerry Ditto
Kerry Ditto Sep 27, 2022 3:42PM ET
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Time to get the *******out of market? Resist the inertia to stay in market?So called know when to run?
lakes Tenn
lakes Tenn Sep 27, 2022 3:16PM ET
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I don't understand a site that hires🐑. to argue what is clearly obvious to all investors that use this site? I understand that they probably think interaction is good but all they do is spin nonsense.
First Last
First Last Sep 27, 2022 3:16PM ET
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You should just accept that there's a lot you don't understand and restart from there.
Brad Albright
Brad Albright Sep 27, 2022 3:16PM ET
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@lakes: check your premise.
carlos guo
carlos guo Sep 27, 2022 2:41PM ET
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Also, for the record, I use to be a democrat. I became a republican when the democrat party decided to be the pro-war, pro-censorship, pro-communism, pro-authoritarian party. Trump is basically like the democrat party of the 90-00s. Democrats are so anti-American that they are literally saying that people having the USA flag in their front yard means that you support Trump.
James Johannsen
James Johannsen Sep 27, 2022 2:41PM ET
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both parties are the same neither one goes after the true enemy. Until the federal reserve is abolished nothing changes, everything else is a distraction
Stephen Fa
Stephen Fa Sep 27, 2022 2:41PM ET
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James Johannsen There's only one real party in control of America now.
carlos guo
carlos guo Sep 27, 2022 2:29PM ET
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First Last: "Vice potus ARE supposed to stay in the background.  They're NOT supposed to be like ***Cheney, whom you're probably a fan of."...proves my point perfectly. Nothing but gaslighting. So stunning and brave. I feel so bad for people like First Last trying to cover for demented child sniffer Brandon. First Last is too much of a coward to respond to me directly, just blocks people and logs out to view their posts and then logs back in to respond .
carlos guo
carlos guo Sep 27, 2022 2:29PM ET
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And, for the record, Kamala has the lowest approval of any Vice President in modern history.
Stephen Fa
Stephen Fa Sep 27, 2022 2:29PM ET
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Chad Richer Than You
Chad Richer Than You Sep 27, 2022 2:24PM ET
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As Chad & Co recharge batteries
First Last
First Last Sep 27, 2022 2:23PM ET
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carlos: Vice potus ARE supposed to stay in the background.  They're NOT supposed to be like ***Cheney, whom you're probably a fan of.
Show previous replies (5)
First Last
First Last Sep 27, 2022 2:23PM ET
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Stephen Fa   No.  latimes reported on that & other surveys, done by other parties.
Brad Albright
Brad Albright Sep 27, 2022 2:23PM ET
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Stephen Fa misunderstanding the facts? No way!
Stephen Fa
Stephen Fa Sep 27, 2022 2:23PM ET
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So many "facts" (lies) from mainstream fake news media to fit the lefts narratives. You probably believe "there are more than two genders" is a fact.
Brad Albright
Brad Albright Sep 27, 2022 2:23PM ET
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Take off your tinfoil hat for a minute. The fact you got wrong was in stating that the poll was conducted by the LA Times when it wasn't. Paying attention seems difficult for you.
First Last
First Last Sep 27, 2022 2:23PM ET
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drgirish kullolli
drgirish kullolli Sep 27, 2022 2:21PM ET
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waste
 
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