Dow closes down more than 500 points

Feb 14, 2024, 1:00 PM | Updated: Mar 20, 2024, 9:53 am


Trader peter Tuchman works on the floor of the New York Stock Exchange, in 2020. (AP Photo/Richard Drew)

(AP Photo/Richard Drew)

SALT LAKE CITY — On Tuesday, the Dow Jones Industrial Average sank over 750 points before closing down by 524 points or 1.35%, ending the day at 38,272. This marked its worst session since March 2023 on a percentage basis, according to CNBC reports.

According to data released by the Bureau of Labor Statistics, the latest Consumer Price Index revealed that prices rose by 3.1% for the 12 months ending in January, a slight decrease from the 3.4% in December. CPI rose by 0.3% last month, according to CNN

Economists were expecting both rates to come in lower.

Core prices, which exclude volatile food and energy components, rose 0.4% monthly and 3.9% from a year ago, CNBC reported. 

Inflation is stubborn

Jeff Cox, economics editor for, joined Inside Sources host Boyd Matheson to find out what’s happening with Americans’ money.

“Target headline inflation is still stuck at 3.1% . . . the expectation had been for it to fall to 2.9%,” Cox said.

He added that the Federal Reserve still needs more data showing that inflation is moving downward.

Federal Reserve Chairman Jerome Powell said an interest rate cut is unlikely to happen soon.

“I think it’s not likely that this committee will reach that level of confidence in time for the March meeting, which is in seven weeks,” Powell told Scott Pelley during a “60 Minutes” interview earlier this month.

Cox said the next rate cut is more likely to occur in June.

“The rate cuts that everybody had been counting on — of getting back to a more normal monetary-policy regime — that looks like it’s further out into the future, again at least until June,” he explained

The markets were counting on an interest rate cut and since that hasn’t transpired, investors recoiled.

“Is this a one-day thing? Is it something that we’ll see longer-term effects? Hard to say right now. This could be just a knee-jerk reaction. But it is basically a recalibration here for the market,” Cox said.

Looking at the big picture, he said, the unemployment rate now stands at 3.7%, and both economic growth and corporate profit remain strong.

Boyd pointed out that the markets can handle bad news, but it’s volatility and uncertainty that are confounding.

 Adding to the unpredictability are two presidential candidates who are not politically appealing to most voters, Cox said.

“Well, we’re very high on the uncertainty scale right now. We don’t know what’s next for monetary policy. We’re not really sure what’s next for fiscal policy. We don’t know what’s really going to happen in terms of the political landscape . . . and so all of this creates a tough environment for the market,” he said.

Related: Romney and Moore look to tame $34 trillion U.S. debt


Inside Sources with Boyd Matheson can be heard weekdays from 1 p.m. to 3 p.m. on KSL NewsRadio. Users can find the show on the KSL NewsRadio website and app.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

The Christmas Box House's Christmas in July campaign is asking for donations, which have lagged beh...

Brian Carlson,

Christmas Box House desperate for donations

At The Christmas Box House, Christmas in July is their campaign for donations, which have lagged behind this year.

20 hours ago

FILE - Firearms are displayed at a gun shop in Salem, Ore., Feb. 19, 2021. Firearm stocks have rise...

Aimee Cobabe and Emma Keddington

Firearm stocks rise after attempted assassination of Trump

Along with a rise in firearm stocks, the Dow Jones saw record highs following the past week's big news events.

1 day ago

FILE: New apartments under construction in Herriman are pictured on Feb. 22, 2021. The Utah rental ...

Daniel Woodruff, KSL TV

Utah rental market softens, but for how long?

After years of high prices, the rental market in Utah is softening a little, thanks to a lot of new units currently hitting the market.

2 days ago

The Milkshake Factory from Pittsburg is opening its doors in Utah, and with it comes a unique story...

Michael Camit

The Milkshake Factory brings a unique story to Utah’s ice cream scene

The Milkshake Factory from Pittsburg is opening its doors in Utah, and with it comes a unique story about the American Dream.

3 days ago

Sugarhouse Barbeque is calling it quits and road construction is a big part of the reason, accordin...

Tammy Kikuchi

SugarHouse Barbeque Company closing after struggles with road construction

Sugarhouse Barbeque is calling it quits and road construction is a big part of the reason, according to General Manager Jeff Berg.

6 days ago

Have summer plans? Thinking about car insurance and safety might be a good thing this summer...

Josuee Sanchez

Summer car insurance and safety should be top of mind, expert says

Traveling over the summer can be fun, but it can also be a tough if you don't think about car insurance when making those plans.

7 days ago

Sponsored Articles

A young woman smiles while reading the menu at a lakeside restaurant, enjoying the panoramic view o...

Bear Lake Convention & Visitors Bureau

The best restaurants to try in Bear Lake

Save this guide to the best restaurants in Bear Lake when you need to find a place to dine during your next visit.

Female leg stepping on weigh scales. Healthy lifestyle, food and sport concept....

Health Utah

Sustainable weight loss: the science-backed way to achieve it

Learn more about Debbie's weight loss journey with Health Utah, who have a unique weight loss philosophy for success.

Underwater shot of the fisherman holding the fish...

Bear Lake Convention and Visitors Bureau

Your Bear Lake fishing guide

Bear Lake offers year-round fishing opportunities. By preparing ahead of time, you might go home with a big catch!

A group of people cut a purple ribbon...


Comcast announces major fiber network expansion in Utah

Comcast's commitment to delivering extensive coverage signifies a monumental leap toward a digitally empowered future for Utahns.

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

Dow closes down more than 500 points