- January 20, 2023
- Posted by: Stratford Team
- Category: Economy
Stocks fell Thursday as investors grew increasingly concerned the Federal Reserve will keep raising rates despite signs of slowing inflation.
The Dow Jones Industrial Average lost 98 points, or 0.3%. The S&P 500 and Nasdaq Composite shed 0.2% and 0.3%, respectively.
All of the major averages are still in the green for the year but are on pace for a negative week. The Dow is down 3.5%, while the S&P and Nasdaq have each lost more than 2% on a weekly basis.
Stocks extended their slide on Thursday after initial filings for unemployment insurance fell to their lowest level since late June last week, the Labor Department reported Thursday, signaling to investors that the labor market is resilient amid a slowing economy.
“Despite all the big-tech post-pandemic layoffs, the jobs market remains hot,” said Ed Moya, senior market analyst with Oanda. “The labor market needs to break to allow the Fed to comfortably keep rates on hold.”
Claims totaled a seasonally…
