Dow falls more than 500 points to close out its worst week since October
Stocks fell on Friday, with the Dow Jones Industrial Average posting its worst weekly loss since October, as traders worried the Federal Reserve could start raising rates sooner than expected.
The blue-chip average dropped 533.37 points, or 1.6%, to 33,290.08. The S&P 500 slid 1.3% to 4,166.45. Both the Dow and S&P 500 hit their session lows in the final minutes of trading and closed around those levels. The Nasdaq Composite closed 0.9% lower at 14,030.38. Economic comeback plays led the market losses.
For the week, the 30-stock Dow lost 3.5%. The S&P 500 and Nasdaq were down by 1.9% and 0.2%, respectively, week to date.
Weekly change in the Dow Jones Industrial Average
St. Louis Federal Reserve President Jim Bullard told CNBC’s “Squawk Box” on Friday it was natural for the Fed to tilt a little “hawkish” this week and that the first rate increase from the central bank would likely come in 2022. His comments came after the Fed on Wednesday added two rate hikes to its 2023 forecast and increased its inflation projection for the year, putting pressure on stock prices.
Reference: CNBC
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