Stocks ended lower on Wall Street as worries grow that the Federal Reserve and other central banks are willing to bring on a recession if that’s what it takes to get inflation under control.
The S&P 500 fell 1.1% Friday, closing out its second straight weekly loss. The Dow and the Nasdaq also fell.
The Fed this week raised its forecast for how high it will ultimately take interest rates and tried to dash some investors’ hopes that rate cuts may happen next year. In Europe, the central bank came off as even more aggressive in many investors’ eyes.
The S&P 500 fell 43.39 points, or 1.1%, to 3,852.36.
The Dow Jones Industrial Average fell 281.76 points, or 0.8%, to 32,920.46.
The Nasdaq fell 105.11 points, or 1%, to 10,705.41.
The Russell 2000 index of smaller companies fell 11.19 points, or 0.6%, to 1,763.42.
For the week:
The S&P 500 is down 82.02 points, or 2.1%.
The Dow is down 556 points, or 1.7%.
The Nasdaq is down 299.20 points, or 2.7%.
The Russell 2000 is down 33.24 points, or 1.9%.
For the year:
The S&P 500 is down 913.82 points, or 19.2%.
The Dow is down 3,417.84 points, or 9.4%.
The Nasdaq is down 4,939.56 points, or 31.6%.
The Russell 2000 is down 481.89 points, or 21.5%.
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