Fear rattled Wall Street Friday, and stocks tumbled on worries about what’s next to break under the weight of rising interest rates following the biggest U.S. bank failure in nearly 15 years.
The S&P 500 fell 1.4%, capping its worst week since September. That’s despite a highly anticipated report showing pay raises are slowing and other signals markets want to see of cooling pressure on inflation.
Some of the biggest drops were in the financial sector, which fell sharply for a second day. Regulators shut down Silicon Valley Bank amid a cash crunch, and worries rose about what other banks could be in trouble. Treasury yields plunged.
The S&P 500 fell 56.73 points, or 1.4%, to 3,861.59.
The Dow Jones Industrial Average fell 345.22 points, or 1.1%, to 31,909.64.
The Nasdaq composite fell 199.47 points, or 1.8%, to 11,138.89.
The Russell 2000 index of smaller companies fell 53.88 points, or 2.9%, to 1,772.70
For the week:
The S&P 500 is down 184.05 points, or 4.5%.
The Dow is down 1,481.33 points, or 4.4%.
The Nasdaq is down 550.12 points, or 4.7%.
The Russell 2000 is down 155.56 points, or 8.1%.
For the year:
The S&P 500 is up 22.09 points, or 0.6%.
The Dow is down 1,237.61 points, or 3.7%.
The Nasdaq is up 672.41 points, or 6.4%.
The Russell 2000 is up 11.46 points, or 0.7%