NEW YORK — Stocks closed lower on Wall Street Tuesday, extending the market’s losses into a holiday-shortened week.
The S&P 500 fell 0.4% after bouncing inbetween a gain of 0.5% and a loss of 1%. The Dow Jones Industrial Average fell 0.6% and the Nasdaq lost 0.7%.
The significant indexes are coming off their 3rd losing week in a row, part of a late-summer depression that removed much of the criteria S&P 500’s gains from July and early August.
Stocks haveactually been losing ground as the Federal Reserve has suggested it will not let up anytime quickly on raising interest rates to bring down the greatest inflation in years.
In addition, Wall Street is grappling with concerns about a developing energy crisis in Europe and the ramifications it might have for the international economy and business revenues, provided that business in the S&P 500 get half their profits from abroad, stated Michael Antonelli, market strategist at Baird.
“Each day that goes by that we have to talk about an energy crisis or a gas lack or out of control electrical expenses in Europe, the less the market can make useful headway,” he stated.
The S&P 500 fell 16.07 points to 3,908.19. The Dow moved 173.14 points to 31,145.30, while the Nasdaq fell 85.96 points to 11,544.91.
Smaller business stocks fel