Stocks tumbled into the closing bell Friday, with all three major equity indexes shedding more than 2.7% to end an ugly week and month on Wall Street. The Dow Jones Industrial Average DJIA, -2.77% fell about 938 points, or 2.8%, ending the session near 32,977. Continued carnage in technology-related stocks left the S&P 500 index SPX, -3.63% down 3.6% on Friday, while the Nasdaq Composite Index COMP, -4.17% lost 4.2%. It also marked the worst month for the Dow and S&P 500 since March 2020, but the 13.3% monthly skid for the Nasdaq was its biggest drop since October 2008, according to Dow Jones Market Data. Investor were digesting disappointing quarterly results from Amazon.com Inc. AMZN, -14.05%, which reported its first loss in seven years. The Federal Reserve next week is expected to pull the trigger on its first half-percentage point interest rate increase since 2000, as it looks to potentially tighten financial conditions dramatically to fight inflation that’s been running at 40-year highs. The central bank also could begin reducing its near $9 trillion balance sheet, reversing its large-scale asset purchases used to help stabilize markets during the COVID crisis.
View Article Origin Here
