Markets sold off around the world on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional hikes to interest rates.
The Dow Jones Industrial Average closed at its lowest point of the year Friday. The S&P 500 fell 1.7%, close to its 2022 low. Energy prices also closed sharply lower as traders worried about a possible recession. Treasury yields, which affect rates on mortgages and other kinds of loans, held at multiyear highs. U.K. government bond yields snapped higher after that country’s new government announced a sweeping plan of tax cuts.
The S&P 500 fell 64.76 points, or 1.7%, to 3,693.23.
The Dow Jones Industrial Average fell 486.27 points, or 1.6%, to 29,590.41.
The Nasdaq fell 198.88 points, or 1.8%, to 10,867.93.
The Russell 2000 index of smaller companies fell 42.72 points, or 2.5%, to 1,679.59.
For the week:
The S&P 500 is down 180.10 points, or 4.6%.
The Dow is down 1,232.01 points, or 4%.
The Nasdaq is down 580.48 points, or 5.1%.
The Russell 2000 is down 118.60 points, or 6.6%.
For the year:
The S&P 500 is down 1,072.95 points, or 22.5%.
The Dow is down 6,747.89 points, or 18.6%.
The Nasdaq is down 4,777.04 points, or 30.5%.
The Russell 2000 is down 565.72 points, or 25.2%.