U.S. stock indexes ended lower on Friday, ending a tumultuous week on Wall Street with minor losses after the Federal Reserve raised its political rate by half a percentage point and indicated that a similar increase could likely be in the next two central bank meetings. Dow Jones Industrial Average
lost about 96 points, or 0.3%, ending Friday at about 32,901, recording a weekly loss of 0.2%. It was the sixth weekly loss to the Dow in a row. S&P 500 Index
ended the session 0.6% lower, from 0.2% for the week. Nasdaq Composite Index
closed 1.4% lower on Friday and fell 1.5% for the week. Financial markets have been volatile as investors are nervous over the Fed’s ability to tighten financial conditions to fight inflation at a 40-year high without undermining the economy. More hawkish tones from the Fed since November have led to volatility in rates, but also to negative overall yields on bonds and stocks this year. According to Dow Jones Market Data, the 10-year Treasury rate jumped 23.9 basis points for the week to 3.124%, the highest since November 2018.
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