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U.S. stocks closed lower on Wednesday after an abrupt mid-afternoon nosedive ended Wall Street's impressive rally, which had been driven by falling interest rates and the Federal Reserve's dovish turn.
Wall Street extended its rally on Tuesday, advancing on the day as last week's dovish policy pivot from the Federal Reserve continued to reverberate and investors looked ahead to crucial inflation data.
US. stocks were subdued at open on Monday, ahead of a key inflation reading and commentary from Federal Reserve policymakers later in the week, while retailers were in focus as holiday shopping picked up steam with Cyber Monday deals. The Dow Jones Industrial Average fell 13.71 points, or 0.04%, at the open to 35,376.44.
Shares in Target surged 17.8% in its biggest one-day percentage gain since August 2019 after the retailer forecast a fourth-quarter profit largely above expectations on easing supply-chain costs.
At the same time, there have been few indications that tighter monetary policy is severely hurting the economy, backing the idea that prices can cool further without damaging growth.