Dow Logs Nearly 2-Year Low, Steep Weekly Loss

The blue-chip index entered bear market territory earlier today

Laura McCandless

Deputy Editor

Sep 23, 2022 at 4:36 PM

Stocks deepened their midday deficits as the market continued its Fed-induced slide, with all three major indexes securing a fourth-straight daily loss. Earlier falling more than 800 points and briefly entering bear market territory, the Dow settled at a 486-point drop to end the day, breaching the psychologically-significant 30,000 level and marking its lowest close since November 2020.

The Nasdaq and S&P 500 also posted sizeable losses, with the latter just barely off its 2022 low. All three indexes marked a second-straight weekly loss. Predictably, the Cboe Volatility Index (VIX) -- Wall Street's "fear gauge" -- surged today, rising to its highest level since June, while bond yields continued their tear higher as well.

Continue reading for more on today's market, including:

The newest Schaeffer's Market Mashup features Seth Golden, Chief Market Strategist at Finom Group.
The bonds and equities signal sounding again.
Plus, RTX secures big-time contract; ALLY hits a nearly two-year low; and 1 blue-chip airline sinks.

The Dow Jones Average (DJI - 29,590.41) fell 486.3 points, or 1.6% for the day, and 4% for the week. Home Depot (HD) landed at the top of the list today with a 0.7% rise, while Chevron (CVX) was the worst performer with a 6.5% drop.

The S&P 500 Index (SPX - 3,693.23) dropped 64.8 points, or 1.7% for the day, and 4.6% for the week. Meanwhile, the Nasdaq Composite (IXIC - 10,867.93) shed 198.9 points, or 1.8% for the day, and 5% for the week.

Lastly, the Cboe Volatility Index (VIX - 29.92) added 2.6 points, or 9.4% for the day, and 13.7% for the week.

closing index summary sept 23

nyse and nasdaq sept 23 22

5 Things to Know Today

Widespread protests in Iran have spread to at least 50 Iranian cities, after the death of 22-year-old Mahsa Amini. (CNBC)
British markets are reeling after the country's new finance minister Kwasi Kwarteng announced historic tax cuts and huge increases in borrowing. (Reuters)
Raytheon Technologies beats out sector peers for million-dollar contract.
Financial Services stock hit with downgrade.
More issues surrounding Boeing's 737 MAX jets.

Oil Hits Lowest Since January, Gold Drops to 2-Year Low

Oil futures dropped to their lowest level since January amid the recession concerns. November-dated West Texas Intermediate (WTI) crude fell $4.75, or 5.7%, to settle at $78.74 barrel for the day, shedding 7.1% for the week.

December gold settled at their lowest level since April 2020, dropping $25.50, or 1.5%, to settle at $1,655.60 an ounce. For the week, prices ended 1.7% lower.

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!