Dow, S&P & Nasdaq closed the week on a low
It wasn’t the best of weeks for U.S. stocks as they ended sharply lower on Friday, with the bellwether duo Dow and S&P 500 posting their worst weekly performances in months, right after the Fed signalled a rate increase by late 2023.
Contrastingly, the duo (Dow and S&P 500), had begun the week at record closing levels, but ended up falling by their most in any week since late October and late February, respectively.
The tech bellwether, Nasdaq, also closed lower despite posting its two highest ever finishes in the last five days.
Investor confidence took a tumble with the market, dented by the Fed’s policy meeting, where it signalled it was reaching the point where it could begin talking about tapering its massive stimulus.
The Fed move also set off a huge amount of repositioning in global financial markets that sent the dollar surging the most in a year over a two-day period against a basket of currencies. Analysts expect markets to remain volatile as investors await more signals from the central bank.
For the week, the Dow Jones Industrial Average (DJI) tumbled 3.5%, its second weekly fall in a row and its steepest such drop since the week of Oct. 30, 2020. The Nasdaq (IXIC) saw a weekly loss of 0.3%, snapping its four-week winning streak. The S&P 500 (GSPC) shed 1.9% for the week, ending its three-week win streak.
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