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U.S. stocks finished lower on Friday, capping off the worst week for the S&P 500 since early September. Creeping doubts about a December interest-rate cut by the Federal Reserve helped interrupt a post-election rally.
Economic data on inflation and retail sales, coupled with comments from senior Fed officials about there being no big rush to cut rates, including from Chair Jerome Powell, weighed on investors' minds this week. Investors also cast a wary eye toward the Treasury market, as the yield on the 10-year note touched a six-month high earlier on Friday, FactSet data showed.
Here is where stocks finished, based on preliminary data from FactSet:
The S&P 500 closed down 78.55 points, or 1.3% lower at 5,870.
The Nasdaq Composite was down by 427.53 points, or 2.2%, at 18,680.
The Dow Jones Industrial Average shed 305.87 points, or 0.7%, at 43,444.99
Tropical Storm Sara is unleashing heavy rainfall in northeastern Honduras, with life-threatening flash flooding and mudslides anticipated this weekend, according to the National Hurricane Center.
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(Reuters) – U.S. gasoline demand in May fell to the lowest for that month...
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