This archive report was first published on 18 December 2021.
December 18, 2021, marked the end of a tumultuous week on Wall Street, with major US stock indices falling to close on a sour note.
Concerns over the Omicron variant of Covid-19 and fears of renewed business disruptions from the pandemic weighed heavily on traders' minds, as cases surged in the United States again.
The Federal Reserve's decision to accelerate the withdrawal of its pandemic stimulus measures also contributed to the market's volatility, with traders anticipating potential rate hikes sooner than expected next year.
"It's been a volatile week, not only in terms of price actions but the news that have been coming out," said Tom Cahill of Ventura Wealth Management, adding that "the markets are still trying to work through the scenario."
The Dow Jones Industrial Average fell 1.5 percent to close at 35,365.44, while the S&P 500 fell 1.0 percent to end at 4,620.64.
The tech-rich Nasdaq Composite Index, which had been in positive territory, ended with a 0.1 percent loss to finish at 15,169.68.
Electric car maker Rivian fell 10.3 percent after announcing a big quarterly loss, citing production shortfalls of "a few hundred vehicles" from its 2021 target of 1,200 cars.
JPMorgan Chase closed 2.3 percent lower after being hit with $200 million in fines for "widespread" recordkeeping violations, including the use of unapproved messaging apps and failing to preserve communications.
