Stock market today
How did the US stock market close today? A mixed stock market close today, Nasdaq underperformed and Dow Jones outperformed.
S&P 500: 4,488.28,-11.93 (-0.27%)
Dow 30: 34,721.12,+137.55 (+0.40%)
Nasdaq: 13,711.00,-186.30 (-1.34%)
Russell 2000: 1,994.56,-15.24 (-0.76%)
“U.S. stocks were mixed Friday to cap a choppy trading session as investors continued to contemplate the next policy moves by the Federal Reserve.
The S&P 500 closed down roughly 0.3% after attempting a comeback to end a three-week winning streak, while the Dow shook off earlier losses to climb 140 points, or 0.4%. The Nasdaq Composite shed 1.3% after underperformance in tech stocks held the index firmly in the red the entire session.
Fresh commentary from Fed officials remained in focus, as another set of speakers offered a mixed set of commentary on the policy path forward for the central bank. St. Louis Fed President James Bullard said Thursday that he wanted the Fed to get to between 3% and 3.25% on the Fed funds rate in the second half of this year, implying more aggressive, front-loaded interest rate hikes in the near-term. Bullard was the only dissenter in the Fed’s March meeting, calling for a larger 50 basis point interest rate hike versus the 25 basis point hike that ultimately occurred.
While Bullard has now been a longer-term hawk seeking greater action from the Fed to rein in inflation, earlier remarks this week suggested other members of the central bank were also warming to the idea of tightening policy. Fed Governor Lael Brainard said that the Federal Open Market Committee (FOMC) was “prepared to take stronger action,” should inflation readings remain elevated and warrant such moves. And in the Fed’s meeting minutes released Wednesday afternoon, the central bank revealed that “many participants … would have preferred a 50 basis point increase” in rates, and also suggested the Fed was gearing up to soon announce the start of its balance-sheet runoff process.
However, other Fed officials offered a more measured approach to raising rates. In remarks Thursday, Atlanta Fed President Raphael Bostic said it would be “appropriate” to move the benchmark interest rate “closer to a neutral position,” suggesting a somewhat less hasty series of interest rate hikes. Meanwhile, Chicago Fed President Charles Evans suggested the Fed would be able to “get to neutral, look around, and find that we’re not necessarily that far from where we need to go.”
Stock market data: Yahoo Finance