{"id":834280,"date":"2021-10-01T06:58:46","date_gmt":"2021-10-01T10:58:46","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=834280"},"modified":"2021-10-01T08:51:17","modified_gmt":"2021-10-01T12:51:17","slug":"wall-street-slides-sp-500-posts-worst-month-quarter-since-covid-19-outbreak","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wall-street-slides-sp-500-posts-worst-month-quarter-since-covid-19-outbreak\/","title":{"rendered":"Wall Street Slides, S&#038;P 500 Posts Worst Month, Quarter Since COVID-19 Outbreak"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwall-street-slides-sp-500-posts-worst-month-quarter-since-covid-19-outbreak%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=834280&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>NEW YORK\u2014<a href=\"https:\/\/www.theepochtimes.com\/t-wall-street\">Wall Street<\/a> ended sharply lower on Thursday and the <a href=\"https:\/\/www.theepochtimes.com\/t-sp-500\">S&amp;P 500<\/a> posted its worst month since the onset of the global health crisis, following a tumultuous month and quarter wracked by concerns over <a href=\"https:\/\/www.theepochtimes.com\/t-covid-19\">COVID-19<\/a>, inflation fears, and budget wrangling in Washington.<\/p>\n<p>The U.S. Senate and House approved a stopgap spending bill to keep the government running late in the session, but after a brief market uptick, stocks resumed their decline, dragging even the Nasdaq into the red after trending higher most of the day.<\/p>\n<p>\u201cThe market\u2019s been resilient, but the risk tied up in the policy headlines over the debt ceiling, the chaos around these spending bills is weighing on the markets a bit as the quarter comes to a head,\u201d said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky.<\/p>\n<p>\u201cIn a larger context it\u2019s been pretty mild. We\u2019re coming on the heels of seven \u2018up\u2019 months and volatility\u2019s been fairly muted despite the headline risks, not to mention COVID-19 and tapering,\u201d Mayfield added. \u201cThe market had to take a pause, and a pause is necessary and probably to be expected.\u201d<\/p>\n<p>All three major U.S. stock indexes had their worst quarterly performance since the opening months of 2020, when the COVID-19 pandemic brought the global economy to its knees.<\/p>\n<p>The S&amp;P notched a modest gain over the July-to-September period, while the Nasdaq and Dow suffered quarterly losses.<\/p>\n<p>For the month, the S&amp;P and the Nasdaq suffered their biggest percentage drops since March 2020, while the Dow saw its largest monthly percentage drop since October.<\/p>\n<p>The tug-of-war between growth and value persisted throughout the month and quarter. The S&amp;P growth index plunged 5.8 percent in September, but notched a quarterly gain of 1.7 percent. Value shed 3.5 percent in September and 1.4 percent over the July-to-September period.<\/p>\n<figure id=\"attachment_4025612\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full\" src=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2021\/09\/30\/Jerome-Powell-1200x800.jpg\" width=\"1200\" height=\"800\" \/><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4025612\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/10\/Jerome-Powell-600x400-1.jpg\" alt=\"Federal Reserve Chairman Jerome Powell\" width=\"600\" height=\"400\" \/><\/noscript><\/figcaption>&nbsp;<\/p>\n<p>Federal Reserve Chairman Jerome Powell attends the House Financial Services Committee hearing on Capitol Hill in Washington, on Sept. 30, 2021. (Al Drago\/Pool via Reuters)<\/figure>\n<p>\u201cIt\u2019s no surprise as we\u2019ve seen yields tick higher you\u2019ve seen the outperformance of value,\u201d Mayfield said. \u201cWe expect yields to tick higher to the end of the year and cyclical and value performance to accompany that.\u201d<\/p>\n<p>On the economic front, initial jobless claims unexpectedly edged higher for the third straight week. Market participants now look to consumer spending, inflation, and factory activity data expected on Friday for signs of economic health and clues regarding the U.S. Federal Reserve\u2019s shifting timeline for tapering its asset purchases and hiking key interest rates.<\/p>\n<p>Fed Chairman Jerome Powell, along with Treasury Secretary Janet Yellen, testified before the U.S. House Committee on Financial Services, even as wrangling continued on Capitol Hill over funding the government in the face of a looming deadline and the threat of potential shutdowns and credit default.<\/p>\n<p>The Dow Jones Industrial Average fell 546.8 points, or 1.59 percent, to 33,843.92, the S&amp;P 500 lost 51.92 points, or 1.19 percent, to 4,307.54 and the Nasdaq Composite dropped 63.86 points, or 0.44 percent, to 14,448.58.<\/p>\n<p>All 11 major sectors of the S&amp;P 500 ended the session in the red, with industrials and consumer staples showing the largest percentage drops.<\/p>\n<p>Declining issues outnumbered advancing ones on the NYSE by a 1.74-to-1 ratio; on Nasdaq, a 1.14-to-1 ratio favored decliners.<\/p>\n<p>The S&amp;P 500 posted four new 52-week highs and four new lows; the Nasdaq Composite recorded 39 new highs and 150 new lows.<\/p>\n<p>Volume on U.S. exchanges was 12.88 billion shares, compared with the 10.61 billion average over the last 20 trading days.<\/p>\n<p><em>By Stephen Culp<\/em><\/p>\n<div class=\"one_author_block round\">\n<div class=\"top_row\"><img decoding=\"async\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/default-user.png\" alt=\"Reuters\" \/>Follow<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK\u2014Wall Street ended sharply lower on Thursday and the S&#038;P 500 posted its worst month since the onset of the global health crisis, following a tumultuous month and quarter &#8230;<\/p>\n","protected":false},"author":7,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-834280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/834280","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=834280"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/834280\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=834280"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=834280"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=834280"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}