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With Tuesday's drop, the S&P 500 is down 24% from its record high close on Jan. 23. Microsoft and Google-parent Alphabet (GOOGL.O)each lost just over 1% and weighed heavily on the S&P 500. In afternoon trading, the Dow Jones Industrial Average (.DJI) was down 0.74% at 29,045.38 points, while the S&P 500 (.SPX) lost 0.57% to 3,634.13. Analysts have cut their S&P 500 earnings expectations for the third and fourth quarters, as well as for the full year. For the third quarter, analysts now see S&P 500 earnings per share rising 4.6% year-over-year, compared with 11.1% growth expected at the start of July.
VIEW S&P 500 renews slide, hits near two-year low
  + stars: | 2022-09-27 | by ( ) www.reuters.com   time to read: +2 min
After the benchmark index fell more than 20% from its early January high to a low on June 16, which confirmed that the retreat was indeed a bear market, the S&P then rallied into mid-August before running out of gas. (The support level for the S&P is) "a stretch at 3400, maybe 3200 and the worst case is probably 3000." Having said that, we've seen a number of bear market rallies, year to date. But in terms of a sustained rally, I think it really takes anticipating the end of Fed rate hikes." Register now for FREE unlimited access to Reuters.com RegisterAmericas Economics and Markets Desk; +1-646 223-6300Our Standards: The Thomson Reuters Trust Principles.
S&P 500 renews slide, hits near two-year low
  + stars: | 2022-09-27 | by ( ) www.reuters.com   time to read: +4 min
Register now for FREE unlimited access to Reuters.com Registerread moreMARKET REACTION: STOCKS: The S&P 500 (.SPX) lost 22.25 points, or 0.61%, to stand at 3,632.79. Also, no overt catalysts to propel breakout to the upside”“Markets had “fought the Fed” all year, hoping for more dovish tilt soon. (The support level for the S&P is) "a stretch at 3400, maybe 3200 and the worst case is probably 3000." But in terms of a sustained rally, I think it really takes anticipating the end of Fed rate hikes." Register now for FREE unlimited access to Reuters.com RegisterAmericas Economics and Markets Desk; +1-646 223-6300Our Standards: The Thomson Reuters Trust Principles.
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