U.S. stocks closed lower Thursday, ending the second quarter with steep losses that left the S&P 500 suffering its worst first half of a year since 1970. The Dow Jones Industrial Average fell around 250 points to close 0.8% lower, while the S&P 500 dropped 0.9% and the Nasdaq Composite slid 1.3%, according to preliminary FactSet data. All three major benchmarks ended down after economic data released Thursday showed U.S. consumer spending in May increased less than expected as high inflation rises faster than wages. The S&P 500 dropped more than 20% during the first six months of 2022.
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