Dow falls for fourth straight day; S&P, Nasdaq rebound from midday slide

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May 10 (UPI) — The Dow Jones Industrial Average fell for the fourth consecutive day on Tuesday while other major indexes regained losses in a volatile day of trading.

The Dow closed the day at 32,160, down 84.96 points, or 0.26%, overall but up from an intraday low of 31,897 at midday.

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The S&P 500 closed the day up 0.25%, climbing back above 4,000 points after falling below the threshold for the first time since April 2021, while the Nasdaq Composite closed the day up 0.98% trading at 11,737 after an intraday low of 11,578.

Rallies by Intel and Salesforce, which both rose about 2%, drove the Dow off its intraday low.

Conversely, IBM stock dropped 3.95%, JPMorgan Chase fell 2.38%, shares of 3M declined 2.14% and Home Depot slid 1.98% to keep the Dow in the red.

The 10-year treasury note saw a similar slide, but as of 2 p.m. it fell to 2.97% from 3.08%.

Shares of Microsoft rose 1.86% and Apple gained 1.61% as they also contributed to the late-day gains.

The volatile day comes amid a new report from the New York Federal Reserve indicating that household borrowing increased 1.7% to $15.84 trillion in the first quarter of the year. An increase in mortgage debt by $250 billion fueled the overall credit increase, climbing by 10% to $11.18 trillion in the first quarter.

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Meanwhile, last week, the Federal Reserve increased the benchmark interest rate by half a point in an effort to curb inflation.

The Biden administration on Tuesday laid out a plan to halt inflation and the rising cost of energy in the United States.

“My plan is to lower everyday costs for hard-working Americans and lower the deficit by asking large corporations and the wealthiest Americans to not engage in price gouging and to pay their fair share in taxes,” President Joe Biden said in remarks at the White House.

“The Republican plan is to increase taxes on the middle-class families, let billionaires and large companies off the hook as they raise prices and reap profits in record amounts. And it’s really that simple.”