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The Dow Jones drops -0.43%, the S&P-500 -0.20% and the Nasdaq takes 0.25%
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Wall Street sinks into bear market
Sept 27 (Reuters) – The New York Stock Exchange ended in mixed order on Thursday, as comments from several Fed officials on further rate hikes outweighed a jump in early trading, driving the S&P 500 to a new high. two-year low.
The Dow Jones index fell 0.43%, or 125.82 points, to 29,134.99 points.
The broader S&P-500 fell 7.44 points, or 0.20%, to 3,647.6 points, its lowest closing level in two years.
The Nasdaq Composite advanced by 26.58 points (0.25%) to 10,829.50 points.
On the oil market, WTI stood at $78.51 (+2.36%) and Brent at $86.23 (+2.64%).
St. Louis Fed Chairman James Bullard spoke in favor of another rate hike, while Charles Evans, his Chicago counterpart, said it would take at least a further percentage point hike. key rates before the end of the year.
“We don’t expect a rapid ebb in inflation or a return to 2%, which will keep the Fed on a path of higher rates. This implies more volatility and requires caution and balance in terms of ‘asset allocation’, explained those responsible for BlackRock’s investment strategy in a note published on Tuesday.
At the same time, analysts have revised down their estimates of S&P 500 results for the third and fourth quarters as for the whole of 2022: for July-September, the profits of the index should increase only by 4.6% against +11.1% expected in early July.
The dollar was up 0.08% against a basket of currencies a few minutes after the close of Wall Street, while the euro stood at 0.9591 dollars (-0.16%).
On the bond market, ten-year paper took 9.4 basis points to settle at 3.9737%. Its five-year counterpart advanced 5.6 basis points to 4.2155%.
* The reminder of the session in Europe:
* TO BE FOLLOWED ON WEDNESDAY: (Nicolas Delame)