S&P 500 closes lower, gives up earlier gains as volatility continues

Stocks whipsawed in volatile trading Thursday as investors mulled over an update from the Fed, the latest GDP report and corporate earnings.

Stock Markets, Wall Street

1/28/2022 12:04:00 AM

Stocks whipsawed in volatile trading Thursday as investors mulled over an update from the Federal Reserve, the latest GDP report and corporate earnings. The Dow dipped 0.02%. The S&P 500 fell 0.54%. The Nasdaq tumbled 1.40%.

Stocks whipsawed in volatile trading Thursday as investors mulled over an update from the Fed, the latest GDP report and corporate earnings.

Stocks whipsawed in volatile trading Thursday as investors mulled over an update from the Federal Reserve, the latest GDP report and corporate earnings.The Dow Jones Industrial Average closed little changed at 34,160.78. The blue-chip average was up more than 600 points at its highs. The S&P 500 ticked down 0.5% to 4,326.51, and the Nasdaq Composite fell 1.4% to 13,352.78. Both indexes traded in positive territory earlier in the session.

Stocks are coming off three straight roller-coaster sessions, with the indexes seeing big swings each day this week. Despite wild intraday movement, the Dow is down just 0.3% on the week, while the S&P 500 is off by 1.6% and the Nasdaq is 3% lower.

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The Exchange Stocks whipsawed in volatile trading Thursday as investors mulled over an update from the Federal Reserve, the latest GDP report and corporate earnings. The Dow Jones Industrial Average closed little changed at 34,160.78. The blue-chip average was up more than 600 points at its highs. The S&P 500 ticked down 0.5% to 4,326.51, and the Nasdaq Composite fell 1.4% to 13,352.78. Both indexes traded in positive territory earlier in the session. Stocks are coming off three straight roller-coaster sessions, with the indexes seeing big swings each day this week. Despite wild intraday movement, the Dow is down just 0.3% on the week, while the S&P 500 is off by 1.6% and the Nasdaq is 3% lower. The three major averages are solidly in negative territory this month, with the Nasdaq down more than 17% from its intraday high. The Federal Open Market Committee this week strongly indicated the first interest rate hike since late 2018 could come as soon as March . Fed Chairman Jerome Powell rattled markets Wednesday saying the central bank has "quite a bit of room" to raise rates before negatively impacting employment. "Yesterday's FOMC decision and Powell's presser was both positive and negative for markets, but in the end, it mostly reinforced what we know: The Fed is serious about raising rates, that's going to continue to ... keep markets volatile," Tom Essaye, founder of Sevens Report, said in a note. Stock picks and investing trends from CNBC Pro: