Stocks extend losing streak a third day, Dow closes down 300 points
(Image by Oleg Gamulinskiy from Pixabay)
(CNBC) -- Stocks fell for a third day on Tuesday, putting a summer market comeback in doubt as the Federal Reserve and other global central bankers continued to signal they will raise interest rates to squash inflation despite the negative consequences for economic growth and, potentially, corporate profits.
The S&P 500 fell 1.1% to 3,986.16, falling below the 4,000 level for the first time since July. The Nasdaq Composite lost 1.1%, to close at 11,883.14. Meanwhile, the Dow Jones Industrial Average slid 308.12 points, or 1%, to 31,790.87.
The market added to losses that began Friday, when the S&P 500 shed more than 3% in a big rout following inflation-fighting comments from Fed Chief Jerome Powell and continued to fall this week. The benchmark’s comeback from its mid-June low has been cut to 8.7%.
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