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.
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Uncle DOW is falling down and STI is narrowing down its safe distance?
Long time, no wild swing! About time to get wild like animal spirit in the market?
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Hi Uncle8888,
ReplyDeleteIt was a good kind of volatility to tame down the wild animal spirits ... this will help to prolong the ongoing bull :P
Fed is dishing out the correct but slightly bitter medicine. Ultimately is also good PR for them as it makes the Fed more credible and robust i.e. when the facts (and data) change, change opinions & tactics.