Stocks gave up an early rally and ended lower on Wall Street, marking their third losing week in a row.
Indexes had opened higher following a report on the job market that showed a moderate slowdown in hiring. That stoked cautious optimism that the Federal Reserve may not need to be as aggressive with high interest rates in its fight against inflation.
Indexes turned lower in the afternoon after Russian energy giant Gazprom said it wouldn’t reopen a natural gas pipeline to Germany for now, a bad sign for Europe’s ongoing struggle with higher energy prices.
The S&P 500 fell 42.59 points, or 1.1%, to 3,924.26.
The Dow Jones Industrial Average fell 337.98 points, or 1.1%, to 31,318.44.
The Nasdaq fell 154.26 points, or 1.3%, to 11,630.86.
The Russell 2000 index of smaller companies fell 13.07 points, or 0.7%, to 1,809.75.
For the week:
The S&P 500 is down 133.40 points, or 3.3%.
The Dow is down 964.96 points, or 3%.
The Nasdaq is down 510.85 points, or 4.2%.
The Russell 2000 is down 90.08 points, or 4.7%.
For the year:
The S&P 500 is down 841.92 points, or 17.7%.
The Dow is down 5,019.86 points, or 13.8%.
The Nasdaq is down 4,014.11 points, or 25.7%.
The Russell 2000 is down 435.57 points, or 19.4%.