Major Averages Brace for Weekly Declines

Major Averages Brace for Weekly Declines

September 23,2022 10:39 am EST

Stocks on Thursday posted their third straight daily decline, as mounting fears that the Federal Reserve''s aggressive rate hikes will push the economy into a recession dented risk appetite for investors.

The Dow Jones Industrials jettisoned 416.97 points, or 1.4%, to 29,651.11.

The S&P 500 retreated 65.25 points, or 1.7%, to 3,692.91.

The NASDAQ Composite let go of 214.49 points, or 1.9%, to 11,066.81.

Thursday''s session left the major averages on pace to close the week with losses. The Dow is down about 2.4% week to date, while the S&P has lost 3%, and NASDAQ tumbled 3.3%, respectively. The S&P and Dow closed Thursday 2.5% and 0.5% off their recent lows.

Defensive stocks outperformed with drugmakers and consumer staples in the green on Thursday. Eli Lilly shares gained 4.9% after UBS upgraded the stock and said it could be developing the biggest drug ever.

Treasury prices fell slightly, sending yields up to 3.72% from Thursday''s 3.70%. Treasury prices and yields move in opposite direction.

Oil prices dragged $4.69 to $78.80 U.S. a barrel.

Gold prices thundered lower $29.00 to $1,652.10 U.S. an ounce.

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