Stocks closed lower following the latest update on inflation and the latest warning of a possible recession.
The S&P 500 lost 0.4% Wednesday after bouncing between small gains and losses earlier. The Nasdaq composite slid 0.9% and the Dow also fell.
Minutes from the Fed’s last meeting revealed Wednesday that its staff economists have forecast that a pullback in lending resulting from the banking turmoil will cause a “mild recession” starting later this year. A report Wednesday morning showed that prices at the consumer level were 5% higher last month than a year earlier.
The S&P 500 fell 16.99 points, or 0.4%, to 4,091.95.
The Dow Jones Industrial Average fell 38.29 points, or 0.1%, to 33,646.50.
The Nasdaq composite fell 102.54 points, or 0.9% to 11,929.34.
The Russell 2000 index of smaller companies fell 12.90 points, or 0.7%, to 1,773.70.
For the week:
The S&P 500 is down 13.07 points, or 0.3%.
The Dow is up 161.21 points, or 0.5%.
The Nasdaq is down 158.62 points, or 1.3%.
The Russell 2000 is up 19.23 points, or 1.1%.
For the year:
The S&P 500 is up 252.45 points, or 6.6%.
The Dow is up 499.25 points, or 1.5%.
The Nasdaq is up 1,462.85 points, or 14%.
The Russell 2000 is up 12.45 points, or 0.7%.