The stock market closed out a rough third quarter in the red on Friday (September 30), suffering one of the worst months since 2020. The Dow Jones Industrial Average tumbled 500 points and closed at 28,725, the first time since November 2020 that the index closed below 29,000.
The Nasdaq fell by 161 points to close the month down by 10.5% at 10,575 points. The S&P 500 had its worst month since March 2020, finishing the day 54 points in the red to close at 3,585 points, down 9.3% in September.
It was the third consecutive losing quarter for the S&P 500 and Nasdaq. The last time that happened was in 2009. losing streak since 2009. The Dow also suffered a third-straight losing quarter for the first time since 2015.
“It’s been a tough, tough environment for equities and fixed income both, something that we had expected given our views around the Fed keeping interest rates higher for longer, and markets are starting to come around to that view,” Zachary Hill, head of portfolio management at Horizon Investments, told CNBC.
“In the near term, we are likely to have continued market volatility with a downward bias as we head into earnings season,” he added.