Posted on 06/30/2022 12:23:51 PM PDT by RomanSoldier19
NEW YORK, June 30 (Reuters) - Wall Street slid into the finish line of a dismal month and quarter on Thursday as a continued sell-off put a grim punctuation mark at the close of the S&P 500's worst first-half in more than half a century.
All three major U.S. stock indexes were down but off session lows on the last day of the month and the second quarter, putting S&P 500 has set a course for its steepest first-half percentage drop since at least 1970.
The Nasdaq was on its way to its worst-ever first-half performance, while the Dow appeared on track for its biggest January-June percentage drop since 1962.
All three indexes were bound to post their second straight quarterly declines. That last time that happened was in 2015 for the S&P and the Dow, and 2016 for the Nasdaq.
The year began with spiking cases of COVID-19 due to the Omicron variant. Then came Russia's invasion of Ukraine, decades-high inflation and aggressive interest rate hikes from the Federal Reserve, which have stoked fears of a possible recession.
"The reality is that we will very likely end up in a mild recession," said Oliver Pursche, senior vice president at Wealthspire Advisors, in New York. "From an investor’s perspective, it's important to remember that sell-offs happen well ahead of recession and markets have a history of rising during shallow recessions."
Economic data released on Thursday did little to allay those fears. Disposable income inched lower, consumer spending decelerated, inflation remained hot and jobless claims inched higher.
(Excerpt) Read more at nasdaq.com ...
I’m dying of a thousand cuts from the Biden admin. Let’s go Brandon.
Thanks for the encouragement!
President Retard did that 🤪
But Trump.
My policy of buying high and selling low has done me a great disservice.
I’ve got a list of between 20-30 stocks I keep an eye on.
I don’t consider it a wobble when every one of them is headed down.
At the present I consider it inching toward the abyss.
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