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Tuesday, May 17, 2022
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S&P drops on fears of prolonged inflation

U.S. stocks ended a whipsaw session lower on Thursday (May 12), as investors fretted inflation could remain elevated for longer than expected, which could prompt the Federal Reserve to hike interest rates ever more aggressively.

All three major U.S. stock indexes seesawed and the S&P 500 settled within striking distance of confirming it entered a bear market after swooning from its all-time high reached on Jan. 3.

The indexes have gyrated wildly in recent sessions, often reversing initial rallies or sell-offs by the closing bell.

The S&P 500 lost 5.10 points, or 0.13%, to end at 3,930.08 points, while the Nasdaq Composite gained 6.73 points, or 0.059%, to 11,370.96.

The Dow Jones Industrial Average fell 103.81 points, or 0.33%, to 31,730.30.

(Production: Aleksandra Michalska)

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