Stocks go nowhere, Powell calls recession a 'possibility'

Myles Udland | Yahoo Finance | Jun 22nd, 2022
Category: Financial News

US stocks were lower, but barely changed, on Wednesday, with none of the three major averages logging changes larger than 0.2%

At the closing bell on Wednesday the S&P 500 dropped 0.13% to settled at 3,579.89, while the Dow and Nasdaq both lost 0.15% to close at 30,483.13 and 11,053.08, respectively.

All three averages had fallen more than 1% at the opening bell, initially suggested we'd see some give back on Wednesday after each of the three major indexes rose more than 2% to start the trading week. Last week, the S&P 500 fell some 5.8%, the most since March 2020.

The price of crude oil was under pressure on Wednesday, however, falling 3.7% to settle at $105.50. In the last five days, the price of crude oil has dropped over 10%, falling from north of $118 per barrel as of last Thursday. Since June 8, energy stocks as tracked by the S&P SPDR ETF XLE are down nearly 20%.

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