US close: Dow Jones sheds more than 1,000 points

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(Sharecast News) – Major indices closed sharply lower on Thursday as market participants continued to digest the Federal Reserve’s move to raise interest rates by half a point.

At the close, the Dow Jones Industrial Average was down 3.12% at 32,997.97, while the S&P 500 was 3.56% softer at 4,146.87 and the Nasdaq Composite came out the gate 4.99% weaker at 12,317.69.

The Dow Jones closed 1,063.09 points lower on Thursday, easily reversing gains recorded in the previous session after the Federal Reserve confirmed its first 50-basis point rate hike in more than two decades.

Wall Street stocks were firmly in the red at the close of trading on Thursday after rising for three straight sessions, partly due to an announcement from the US central bank that said it had hiked its benchmark interest rate by 50 basis points. The Fed also said it would start cutting its balance sheet in June.

However, investor sentiment, which got a boost during chairman Jerome Powell’s news conference when he stated the Fed was “not actively considering” a larger 75 basis point rate hike, soured on Thursday as traders continued to assess the Fed’s ability to slow inflation without triggering a recession.

On the macro front, new unemployment claims rose to 200,000 in the seven days ended 30 April, according to the Department of Labor, up from a revised print of 181,000 in the previous week for the highest reading since mid-February.

On a non-seasonally adjusted basis, initial claims slipped 7,164 week-on-week to 196,962, with marked declines in California and Ohio, while the four-week moving average, which aims to strip out week-to-week volatility, came in at 1.41m – down 3,250 from the previous week’s revised print.

In the corporate space, Shell reported its best quarterly profit since 2008 ahead of the open amid soaring commodity prices following Russia’s invasion of Ukraine.

Dow Jones – Risers

Dowdupont Inc. (DWDP) $30.52 0.00%

Honeywell International Inc. (HON) $230.94 0.00%

Merck & Co. Inc. (MRK) $88.01 -0.58%

Amgen Inc. (AMGN) $234.35 -0.74%

Chevron Corp. (CVX) $166.20 -0.79%

Coca-Cola Co. (KO) $64.51 -0.80%

International Business Machines Corporation (CDI) (IBM) $135.92 -1.08%

Verizon Communications Inc. (VZ) $47.84 -1.10%

Walmart Inc. (WMT) $152.74 -1.22%

Walgreens Boots Alliance, Inc. (WBA) $43.78 -1.53%

Dow Jones – Fallers

Salesforce.Com Inc. (CRM) $172.30 -7.11%

Nike Inc. (NKE) $118.63 -5.89%

Apple Inc. (AAPL) $156.77 -5.57%

Home Depot Inc. (HD) $299.11 -5.14%

Microsoft Corp. (MSFT) $277.35 -4.36%

Visa Inc. (V) $205.24 -4.33%

Intel Corp. (INTC) $44.60 -4.17%

Boeing Co. (BA) $150.47 -4.14%

American Express Co. (AXP) $171.01 -3.83%

Cisco Systems Inc. (CSCO) $49.61 -3.82%

S&P 500 – Risers

Albemarle Corp. (ALB) $236.50 9.76%

TripAdvisor Inc. (TRIP) $25.80 5.09%

Kellogg Co. (K) $70.23 3.51%

Booking Holdings Inc. (BKNG) $2,171.91 3.26%

Westrock Company (WRK) $54.19 2.71%

Twitter Inc (TWTR) $50.36 2.65%

Becton, Dickinson & Company (BDX) $259.75 2.41%

Centene Corp. (CNC) $84.82 2.30%

Charter Communications Inc. (CHTR) $456.20 1.75%

Pioneer Natural Resources Co. (PXD) $256.48 1.46%

S&P 500 – Fallers

Cognizant Technology Solutions Corp. (CTSH) $73.60 -12.75%

eBay Inc. (EBAY) $48.04 -11.72%

Hanesbrands Inc. (HBI) $12.71 -10.37%

Lincoln National Corp. (LNC) $59.02 -9.30%

Harley-Davidson Inc. (HOG) $37.39 -8.96%

Nucor Corp. (NUE) $140.82 -8.87%

Qorvo, Inc. (QRVO) $108.84 -8.80%

Align Technology Inc. (ALGN) $283.72 -8.74%

Apache Corp. (APA) $41.30 -8.63%

Intuit Inc. (INTU) $409.86 -8.50%

Nasdaq 100 – Risers

Booking Holdings Inc. (BKNG) $2,171.91 3.26%

Charter Communications Inc. (CHTR) $456.20 1.75%

Celgene Corp. (CELG) $108.24 0.00%

Alexion Pharmaceuticals Inc. (ALXN) $182.50 0.00%

Mylan Inc. (MYL) $0.00 0.00%

Shire Plc Ads (SHPG) $179.20 0.00%

Xilinx Inc. (XLNX) $194.92 0.00%

Maxim Integrated Products Inc. (MXIM) $103.14 0.00%

Cerner Corp. (CERN) $94.12 -0.26%

Citrix Systems Inc. (CTXS) $101.40 -0.29%

Nasdaq 100 – Fallers

Cognizant Technology Solutions Corp. (CTSH) $73.60 -12.75%

eBay Inc. (EBAY) $48.04 -11.72%

Mercadolibre Inc. (MELI) $913.22 -10.75%

Align Technology Inc. (ALGN) $283.72 -8.74%

Intuit Inc. (INTU) $409.86 -8.50%

Tesla Inc (TSLA) $873.28 -8.33%

Paypal Holdings Inc (PYPL) $85.43 -7.86%

Netflix Inc. (NFLX) $188.32 -7.69%

Amazon.Com Inc. (AMZN) $2,328.14 -7.56%

Nvidia Corp. (NVDA) $188.44 -7.33%