April 22, 2022

April 22, 2022

Stocks plunged today, with the Dow Jones suffering its worst one-day loss since the 2020, as the latest raft of corporate earnings and the prospect of rising rates spurred a wave of selling.

 

Dow Jones finished -981 at 33,811

S&P 500 finished -122 at 4,271

NASDAQ finished -335 at 12,839

 

The 10 Year Treasury closed down 2 basis points yielding 2.90%

Oil prices closed down $2.59 ending at $101.20 a barrel.

Gold prices closed down $14.00 ending at $1,934 an ounce.

 

In the days’ stock news:

 

  • Verizon Communications closed down 5.6% after the company reported a loss of 36,000 monthly phone subscribers during the first quarter, compared with a FactSet estimate of a 49,300 loss. Verizon also posted earnings and revenue for the quarter that were in line with Wall Street forecasts.
  • Gap closed down 18% after Gap announced the chief executive officer of its Old Navy business, Nancy Green, is leaving the firm this week. Gap also cut its outlook for net sales growth this fiscal year.

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