Dow tanks 532 points, Nasdaq notches gain
Mainstay Capital Management CEO David Kudla predicts blue-chip stocks will be strong investments amid Federal Reserve changes.
U.S. stocks fell for the second straight session as investors wrapped the week.
The Dow Jones Industrial Average fell 532 points or 1.5%, while the S&P 500 slipped 1%. The Nasdaq Composite, bucked the downtrend, inching 0.07% higher.
Traders also faced triple witching when stock and index options expire along with index futures kicking up volatility.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35365.44 | -532.20 | -1.48% |
| SP500 | S&P 500 | 4620.64 | -48.03 | -1.03% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15169.682092 | -10.75 | -0.07% |
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The Federal Reserve-driven rally fizzled after policymakers said they are preparing to begin raising rates next year to fight inflation.
Gold got a boost in a flight to safety and is on pace to close at a one-month-high, as oil slipped 2%
