Stocks slumped on Wall Street Friday, leaving the S&P 500 with its biggest one-day loss in almost seven weeks, as worries deepen about a surge in interest rates and the U.S. central bank’s efforts to fight inflation.
The S&P 500 marked its third losing week in a row.
Several disappointing profit reports from companies also shook what’s been the market’s main pillar of support.
A day earlier the chair of the Federal Reserve indicated that the Fed is likely to move aggressively to contain inflation with bigger interest rate increases, starting with its next policy meeting in two weeks.
The S&P 500 fell 121.88 points, or 2.8%, to 4,271.78.
The Dow Jones Industrial Average fell 981.36 points, or 2.8%, to 33,811.40.
The Nasdaq fell 335.36 points, or 2.5%, to 12,839.29.
The Russell 2000 index of smaller companies fell 50.80 points, or 2.6%, to 1,940.66.
For the week:
The S&P 500 fell 120.81 points, or 2.8%.
The Dow fell 639.83 points, or 1.9%.
The Nasdaq fell 511.79 points, or 3.8%.
The Russell 2000 fell 64.32 points, or 3.2%.
For the year:
The S&P 500 is down 494.40 points, or 10.4%.
The Dow is down 2,526.90 points, or 7%.
The Nasdaq is down 2,805.68 points, or 17.9%.
The Russell 2000 is down 304.65 points, or 13.6%.