The index was down over 500 points in midday trading before recovering slightly to close about 350 points down, or approximately 1.03 percent. The index fell a similar amount Dec. 5.
Consumer confidence was low due to persistent inflationary pressures, commented Walmart CEO Doug McMillon, while there is a strong possibility of a “mild to hard recession,” according to JPMorgan Chase CEO Jamie Dimon.
One rare stock that stemmed the tide was UnitedHealth Group, which ended up a few points to close at 539.6.
Inflationary pressures have been a major drag on healthcare stocks and financial results, as hospital groups largely continue to struggle to fulfill supplies and secure enough labor.
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