Dow finishes down over 100 points on rate-hike fears, weak bank earnings


Stocks fell Thursday, but finished well off session lows as investors weighed the size and scope of expected rate hikes and assessed downbeat earnings from JPMorgan Chase & Co. and Wells Fargo. The Dow Jones Industrial Average fell around 143 points, or 0.5%, to finish near 30,630, according to preliminary figures, while the S&P 500 SPX, -0.30% shed 0.3% to close near 3,790 and the Nasdaq Composite COMP, +0.03% eked out a gain of less than 0.1% to end near 11,251. Stocks had fallen sharply in early trade, but losses were trimmed after Federal Reserve Gov. Christopher Waller said he still favored a 75 basis point rate hike when policy makers meet later this month versus a 100 basis point move that investors had started to price in after Wednesday’s hotter-than-expected consumer-price index reading. Waller left the door open to a larger hike, however, depending on how strong retail sales and housing data are ahead of the Fed meeting.

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