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Major US stock benchmarks continue falling after volatile week
By Yashasvini Razdan - May 07, 2022, 12:07 AM ET
Last Updated - Feb 26, 2024, 02:08 PM EST
Dow and S&P 500 each slipped 0.2% while Nasdaq fell 1.5% for the week
All three major U.S. stock benchmarks closed lower Friday, booking another week of losses.
The Dow Jones Industrial Average fell 98.60 points, or 0.3%, to close at 32,899.37.
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The S&P 500 slipped by 23.53 points, or 0.6%, to finish at 4,123.34, while the Nasdaq Composite lost 173.03 points, or 1.4%, to end at 12,144.66.
For the week, the Dow and S&P 500 each slipped 0.2% while the tech-heavy Nasdaq fell 1.5%.
The 10-year Treasury yield jumped to 3.13%, continuing to hover around the highs of 2018.
On Wednesday, the US Federal Reserve raised the short-term benchmark interest rate by half a percentage point or 50 basis points and outlined its plans to shrink its $9 trillion asset portfolio.
The U.S. economy added 428,000 new jobs in April, but the acute labor shortage showed little improvement last month, as reported by the Labor Department on Friday.
Stocks that slipped
Large tech stocks continued to weigh down the market, with e-commerce stocks being the loser.
Amazon (NASDAQ: AMZN) fell 1.4%, while Microsoft (NASDAQ: MSFT) and Nvidia (NASDAQ: NVDA) dropped about 0.9%. Netflix (NASDAQ: NFLX) fell 3.9%.
Amazon and Shopify (NYSE: SHOP) finished the week by roughly 7.7% and 11.6%, respectively.
DoorDash Inc. (NYSE: DASH) shares declined 1.4% after the delivery-platform company topped revenue forecasts but posted a larger-than-expected drop.
Oil prices rose again on Friday, which is positive for energy stocks but increased worries about slowing economic growth and higher inflation.
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