Wall Street Slumps as Profit Reports Disappoint and Market Concerns Rise

Wall Street experienced a significant setback in its recent rally as disappointing profit reports from companies and concerns about the market’s rapid ascent took center stage. The S&P 500 recorded its worst loss since the start of its impressive run just before Halloween, falling 1.5 percent on Wednesday. FedEx’s downward spiral after revising its revenue forecast further dampened hopes of the economy overcoming high inflation without a recession.

Wednesday’s Market Performance

• The S&P 500 dropped 70.02 points, or 1.5 percent, to 4,698.35.
• The Dow Jones Industrial Average declined 475.92 points, or 1.3 percent, to 37,082.00.
• The Nasdaq composite fell 225.28 points, or 1.5 percent, to 14,777.94.
• The Russell 2000 index of smaller companies decreased by 38.12 points, or 1.9 percent, to 1,982.84.

Weekly Performance

For the week:

• The S&P 500 is down 20.84 points, or 0.4 percent.
• The Dow is down 223.16 points, or 0.6 percent.
• The Nasdaq is down 35.98 points, or 0.2 percent.
• The Russell 2000 is down 2.29 points, or 0.1 percent.

Year-to-Date Performance

For the year:

• The S&P 500 has gained 858.85 points, or 22.4 percent.
• The Dow has gained 3,934.75 points, or 11.9 percent.
• The Nasdaq has gained 4,311.46 points, or 41.2 percent.
• The Russell 2000 has gained 221.59 points, or 12.6 percent.

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