No Relief: Stocks Lose More Ground

Stocks lost ground again on Thursday as worries build that the US may be headed for a painful recession. The Dow fell 252 points to 33,044, the S&P 500 fell 30 points to 3,898, and the Nasdaq fell 104 points to 10,852. All of the losses were below 1%. Every major index is on track for a weekly loss after the market kicked off the year with a two-week rally, per the AP. Bond yields were steady but have been moving broadly lower since the beginning of the year. Analysts expect the broader market to remain unsteady as investors try to get a clearer picture of inflation and the economy's path ahead.

“It's very reflective of the conflicting views that investors have with respect to where things are headed here in early 2023,” said Greg Bassuk of AXS Investments. Reports showed weakness in several areas of the economy, including housing and manufacturing in the mid-Atlantic region, though they weren't as bad as expected and the job market appears to remain healthy. They follow worse-than-expected readings a day earlier on retail sales, a cornerstone of the economy, and industrial production. Technology companies, retailers, and industrial stocks were among the biggest drags on the benchmark S&P on Thursday. Chipmaker Nvidia fell 2.3%, Home Depot dropped 3.4%, and Deere & Co. slid 4%.

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