Stocks sank again Friday on Wall Street, knocking the S&P 500 to its worst weekly loss since February, as more steam comes out of banks and other stocks that soared earlier this year with expectations for the economy and inflation.
The S&P 500 fell 55.41 points, or 1.3%, to 4,166.45 in a widespread slump. It was the worst day for the index in a month as unease grows about the Federal Reserve making plans to eventually offer less help to markets.
The Dow Jones Industrial Average lost 533.37 points, or 1.6%, to 33,290.08, and the Nasdaq composite fell 130.97, or 0.9%, to 14,030.38.
Investors are still recalibrating their moves following the Federal Reserve’s signal this week that it may raise short-term interest rates twice by late 2023, earlier than expected.