As traders struggled to find their footing in an increasingly volatile market, the Dow Jones Industrial Average fell for the sixth consecutive day Thursday. The 30-stock Dow slid 103.81 points to 31,370.30, or 0.33%. The S&P 500 fell 0.13% to 3,930.08. The tech-heavy Nasdaq Composite yielded a small gain, closing up 0.06% at 11,370.96. The three major averages were on track for weekly losses. Earlier in the day, traders attempted to counteract a decline in the market by purchasing beaten-down stocks. The Dow had reached session highs as high as 80 points, while the Nasdaq had gained 1.61 percent. Dow Jones dropped more than 500 points at session lows, while the Nasdaq declined 2.25 percent.
A new low has been established for the S&P 500 for 2022, closing more than 18% below its 52-week high and moving closer to bear market territory. “Even if you say we’re in a bear market, there’s rallies within bear markets that can be very sharp,” said Truist’s Keith Lerner about the early market moves. “I think, at least short-term, and given how oversold we are and given that we’re starting to see people nibble at some of these areas that have been the most beaten up, I think that’s at least a silver lining in a sea of red and gloom over the last couple of days.” Only the Nasdaq is in the bear market territory after falling about 30% from its record high in terms of major averages. Technology stocks continue to be hammered.
