S&P 500 falls again as bears push stocks toward another losing week

US stocks continued to sell off on Thursday as a volatile trading day ended with the major indexes down again.

After closing lower by 4% on Wednesday, the S&P 500 gave up late gains to close 0.6% down to 3,900.74. With the losses, the benchmark index is now more than 18% off its January peak. The bear territory beckons as analysts forecast the bottom is not yet in, with the index headed for a seventh losing week.

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The declines in the equities market follow relentless selling that has gained fresh legs this week after the US Federal Reserve Chair Jerome Powell signaled the possibility of a further two 50 basis point rate hikes.

In an interview with CNBC earlier on Thursday, Kansas City Fed President Esther George said:

I am very comfortable with doing 50 basis points because I see the combination of that balance sheet runoff taking place. So I think moving deliberately and making sure we stay on course is the focus of my attention.

The Dow and Nasdaq also fall

The Dow Jones Industrial Average also declined in Thursday’s trading, closing 236.94 points lower for a -0.75% return on the day. The Dow ended the day at 31,253.13, with the losses coming hot on the heels of a brutal 1,100+ points beating on Wednesday.

The Nasdaq Composite fell 0.26% to close at 11,388.50, adding to its continued struggle in the bear territory.

The overall losses put the Dow on course for an eighth losing week, while Nasdaq’s will stretch to a seventh straight week.