May 18, 2022 - Economy & Business

Stocks had their worst day in more than two years

Stock market trader.
Photo by Spencer Platt/Getty Images.

Stocks on Wednesday had their steepest losses in over two years, following disappointing earnings from U.S. retail behemoths Target, Walmart and Lowe's.

By the numbers: The Dow Jones Industrial Average fell 1,164 points, representing a 3.57% decline. The Nasdaq was off 4.73% and the S&P 500 shed 4.04%.

  • It's the fourth time in 2022 that the Dow has fallen by more than 900 points, something that never happened in 2021.
  • Of the 12 times the Dow has ever fell more than 1,000 points, two of them happened this month.
  • The Nasdaq is now down nearly 28% for the year, while the S&P 500 is off 18.2%.

What they're saying: "The Charlie Brown shirt market continues, with big moves up and down seemingly every day." — Ryan Detrick, Chief Market Strategist, LPL Financial

The bottom line: Retail results caused investors to worry that corporate America's inflation-defying act may be in jeopardy, even if it isn't showing up in consumer data.

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