Video: The current period of inflation will ‘last longer’ but still be transitionary, Allianz CIO says (CNBC)
The stock market resumed a trend lower on Wednesday, with the Dow industrials set to erase of its gains from Tuesday and then some as selling in energy and financials pressured the main indexes south. The Dow Jones Industrial Average was down 450 points, or 1.3%, at 33,862, the S&P 500 index was off 1.2% at 4,292, while the Nasdaq Composite Index declined 1.2% at 14,267. On Tuesday, the Dow rose 312 points, or 0.92%, to 34,315, the S&P 500 increased 45 points, or 1.05%, to 4,346, and the Nasdaq Composite gained 178 points, or 1.25%, to 14,434. The slump for stocks came even as a report from Automatic Data Processing Inc. showed that 568,000 private-sector jobs were created in September, outpacing estimates from The Wall Street Journal for 425,000. However, a reading for August was reduced to 340,000 from 374,000.