White House press secretary Karine Jean-Pierre said Wednesday that the stock market, which continues to witness erratic trading amid soaring inflation, is not something the White House tends to “keep an eye on every day.”
The Dow Jones Industrial Average fell over 1,100 points, or 3.6%, while the Nasdaq Composite tumbled nearly 5% and the S&P 500 dropped 4%.Target shares tanked after disclosing rising costs will hurt profitability for the remainder of the year. This follows Walmart's lower-than-expected profit report Tuesday that was also blamed on inflation.
Federal Reserve Chairman Jerome Powell testifies during a hearing at the Hart Senate Office Building on September 28, 2021 in Washington, DC., Goldman Sachs lowered its year-end price projection for the S&P for the third consecutive time to 4,300 — which is actually a potential 8% upside to current levels, though down 10% from the start of the year. Goldman initially forecast that the S&P would close out the year at 5,100.
But the outlook is much bleaker if the economy is dragged into a recession this year: Goldman projected the S&P would fall close to 11% from the benchmark's current level, finishing the year around 3,600. That would mark a steep, 25% decline from the beginning of the year., rising interest rates and a darkening economic outlook continue to weigh on the market.
Raindrops hang on a sign for Wall Street outside the New York Stock Exchange in Manhattan in New York City, New York, U.S., October 26, 2020.
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