Stocks sank on Wall Street and closed out their worst week since early December.
The S&P 500 fell 1.1% Friday to cap its third straight loss. Treasury yields rose sharply. Stocks have dropped through February as reports on inflation, the job market and spending by shoppers have come in hotter than expected. That’s forced Wall Street to raise its forecasts for how high the Federal Reserve will have to take interest rates.
The latest reminder came Friday when the measure of inflation preferred by the Fed came in higher than expected. Higher rates pressure the economy and investment prices.
The S&P 500 fell 42.28 points, or 1.1%, to 3,970.04.
The Dow Jones Industrial Average fell 336.99 points, or 1%, to 32,816.92.
The Nasdaq composite fell 195.46 points, or 1.7%, to 11,394.94.
The Russell 2000 index of smaller companies fell 17.61 points, or 0.9%, to 1,890.49.
For the week:
The S&P 500 is down 109.05 points, or 2.7%.
The Dow is down 1,009.77 points, or 3%.
The Nasdaq is down 392.33 points, or 3.3%.
The Russell 2000 is down 55.87 points, or 2.9%.
For the year:
The S&P 500 is up 130.54 points, or 3.4%.
The Dow is down 330.33 points, or 1%.
The Nasdaq is up 928.46 points, or 8.9%.
The Russell 2000 is up 129.24 points, or 7.3%.
Copyright © 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.