Oil shot to its highest price since 2023 after surging again because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street’s worst week since October.
The S&P 500 dropped 1.3 percent Friday. The Dow Jones Industrial Average plunged as many as 945 points before finishing with a loss of roughly 450, and the Nasdaq composite sank 1.6 percent.
The combination of a weak economy and high inflation is a worst-case scenario for investors because the Federal Reserve has no good tool to fix both problems at the same time.
On Friday:
The S&P 500 fell 90.69 points, or 1.3 percent, to 6,740.02.
The Dow Jones Industrial Average fell 453.19 points, or 0.9 percent, to 47,501.55.
The Nasdaq composite fell 361.31 points, or 1.6 percent, to 22,387.68.
The Russell 2000 index of smaller companies fell 60.27 points, or 2.3 percent to 2,525.30.
For the week:
The S&P 500 is down 138.86 points, or 2 percent.
The Dow is down 1,476.37 points, or 3 percent.
The Nasdaq is down 280.53 points, or 1.2 percent.
The Russell 2000 is down 107.06 points, or 4.1 percent.
For the year:
The S&P 500 is down 105.48 points, or 1.5 percent.
The Dow is down 561.74 points, or 1.2 percent.
The Nasdaq is down 854.31 points, or 3.7 percent.
The Russell 2000 is up 43.39 points, or 1.7 percent.
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