After the Bell: Goldman Sachs foresees stock market woes, possible recession
INDIANAPOLIS (WISH) — A major bank is succumbing to the gloomy mood on Wall Street.
Goldman Sachs changed its stock market forecast, now saying trouble lies ahead for stocks in a potential recession.
Bank executives seem uncertain as to what happens in the next few months, and that helped contribute to a major sell-off Friday on Wall Street.
The Dow closed 483 points, or 1.6%, lower in Friday trading, marking its lowest level since November 2020. The S&P 500 and the Nasdaq Composite were down 1.7% and 1.8%, respectively.
The Dow fell by more than 800 points at one point, falling more than 20% from its record close of 36,799.65 set on Jan. 4, and entering bear territory.
The S&P 500 remains in bear territory.
As the Federal Reserve keeps raising rates, investors keep talking about recession.
- Dow plunges to its lowest level since 2020 to end another dismal week
- The Fed’s fight against inflation could cost the U.S. 1.2 million jobs
Good news for prices at gas pumps
Speaking of recession, here’s another key item to watch: oil prices. They fell on Friday almost 6% to an eight-month low, and are now below $80 dollars a barrel. That’s good news for dropping gas prices in this country, but it could be another indicator as to where the economy is headed.
Will Costco raise fee?
Membership fees at big-box retailer Costco Wholesale Corp. will stay put, at least for now.
The company has reported earnings that beat expectations and will keep memberships fees where they are.
Costco typically raises membership fees every five years, and 44% of Costco customers pay the executive member fee of $120 a year.
‘Stranger Things’ house
The house from the Netflix series “Stranger Things” is up for sale.
The home featured in the show has a list price of $300,000. It sits on 6 acres in Fayetteville, Georgia, not in Indiana as depicted in the show.
The house’s three bedrooms and two baths, the real estate broker says, need some TLC, or tender loving care.