U.S. stocks closed lower for the third session in a row Friday, but avoided the session's lows, as investors feared higher Federal Reserve rates could tip the economy into a recession. The DJIA shed about 282 points, or 0.9%, ending near 32,920.
U.S. stocks closed lower for a third session in a row Friday, but avoided the session's lows, as investors feared higher Federal Reserve rates could tip the economy into a recession. The Dow Jones Industrial Average DJIA, -0.85% shed about 282 points, or 0.9%, ending near 32,920, but well above the session's low of 32,654.59, according to FactSet. The S&P 500 index SPX, -1.11% shed 1.
1%, while the Nasdaq Composite Index COMP, -0.97% fell 1%. For the week, the Dow ended down 1.7%, the S&P 500 shed 2.1% and the Nasdaq fell 2.7%, with all three booking back-to-back weekly losses for the first time in about three months, according to Dow Jones Market Data. The Fed raised rates another 50 basis points on Wednesday, while indicating its policy rate could top 5% and stay there next year.
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