U.S. stocks suffered their worst weekly rout of the year as another hotter-than-expected jobs number and the first major American bank failure since 2008 sent the major indexes reeling in afternoon trade. Stocks finished lower on Friday, as the Dow Jones Industrial Average fell for the fourth straight session, its longest streak of daily losses since Dec. 19, according to FactSet data. The S&P 500 SPX fell by 56.73 points, or 1.5%, to finish Friday’s session at 3,861.59, according to preliminary closing data from FactSet. The large-cap index notched a weekly drop of 4.6%, its biggest such loss since September. The Dow DJIA dropped 345.22 points, or 1.1%, to 31,909.64, bringing its weekly loss to 4.4%. The Nasdaq Composite COMP fell 199.47 points, or 1.8%, to 11,138.89 on Friday, falling 4.7% for the week. Meanwhile, Treasury yields plunged as investors bought back into bonds. The yield on the 2-year note ended down 0.478 percentage points over the last two trading days to 4.586%, its biggest two-day drop since Sept. 14, 2001, according to Dow Jones Market Data.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
