Watch: President Joe Biden gives remarks on the state of the US economy | USA TODAY
October 21, 2022
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12:20Now PlayingWatch: President Joe Biden gives remarks on the state of the US economy | USA TODAY
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as posted by the channelPresident Biden delivers remarks on the US economy amid growing fears of recession.
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Stocks on Wall Street lost ground again Thursday, though the major indexes remained on pace for a weekly gain after a strong two-day rally earlier this week. The S&P 500 fell 0.8%. Nearly three-fourths of the stocks in the benchmark index closed in the red, with retailers, banks and industrial companies among the biggest weights. The Dow Jones Industrial Average slipped 0.3% and the Nasdaq composite fell 0.6%. Small company stocks fell more than the broader market, pulling the Russell 2000 index 1.2% lower.
Treasury yields continued rising to multiyear highs, a trend that's helped push up rates on mortgages and other loans. The yield on the 10-year Treasury climbed to 4.23% from 4.14% late Wednesday and is at its highest level in 14 years. The yield on the two-year Treasury, which tends to track expectations for future Federal Reserve action, rose to 4.61% from 4.56%.
Corporate earnings remained a big focus for Wall Street all week as investors try to get a better picture of how companies are faring amid the hottest inflation in four decades and how they see the economy moving forward.
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