Stocks lost ground in choppy trading on Friday as investors struggled to find a floor after a dramatic week that saw the Dow Jones Industrial Average post both its best and worst days since 2020.
The S&P 500 shed 0.57% to close at 4,123.34, while the Nasdaq Composite fell 1.40% to settle at 12,144.66. The Dow shed 98.60 points, or 0.30%, to finish at 32,899.37. The losses on Friday clinched a losing week for all three major indexes despite starting off the period with three straight positive sessions.
The moves came after stocks sold off sharply on Thursday. The Dow lost more than 1,000 points, and the tech-heavy Nasdaq Composite fell nearly 5%. Both indexes notched their worst single-day drops since 2020. The S&P 500 fell 3.56%, its second-worst day of the year.
Thursday’s losses erased Wednesday’s big post-Federal Reserve meeting rally. Fed Chair Jerome Powell ruled out the prospect of larger rate hikes on Wednesday, sending the S&P 500 and the Dow to their best daily gains since 2020.
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