How major US stock indexes fared Wednesday 5/3/2023

Stocks closed lower on Wall Street after the Federal Reserve announced its latest hike to interest rates and hinted that the end to them may be near.

The S&P 500 fell 0.7% Wednesday after drifting between modest gains and losses immediately after the Fed’s announcement. The Dow Jones Industrial Average fell 0.8% and the Nasdaq lost 0.5%.

The Fed’s move, which was widely expected, is meant to slow the economy further in hopes of getting inflation under control. The hope among investors is that this is the final increase for now following the Fed’s fastest series of hikes in decades.

On Wednesday:

The S&P 500 fell 28.83 points, or 0.7%, to 4,090.75.

The Dow Jones Industrial Average fell 270.29 points, or 0.8%, to 33,414.24.

The Nasdaq composite fell 55.18 points, or 0.5% to 12,025.33.

The Russell 2000 index of smaller companies rose 7.17 points, or 0.4%, to 1,739.28.

For the week:

The S&P 500 is down 78.83 points, or 1.9%.

The Dow is down 683.92 points, or 2%.

The Nasdaq is down 201.26 points, or 1.6%.

The Russell 2000 is down 29.70 points, or 1.6%.

For the year:

The S&P 500 is up 251.25 points, or 6.5%.

The Dow is up 266.99 points, or 0.8%.

The Nasdaq is up 1,558.85 points, or 14.9%.

The Russell 2000 is down 21.96 points, or 1.2%.