Wall Street’s week of turmoil closed with drops for stocks.
The S&P 500 fell 1.1% Friday, led by drops in First Republic and other banks. The Dow Jones Industrial Average and Nasdaq composite also pulled back.
This week has been a whipsaw for global markets as concerns worsen about banks following the second- and third-largest U.S. bank failures in history. The fear is that the trouble for banks caused by fast-rising interest rates could drag the economy into a recession. Treasury yields sank again Friday in part on such fears, along with easing inflation expectations and falling confidence among U.S. households.
The S&P 500 fell 43.64 points, or 1.1%, to 3,916.64.
The Dow Jones Industrial Average fell 384.57 points, or 1.2%, to 31,861.98.
The Nasdaq composite fell 86.76 points, or 0.7%, to 11,630.51.
The Russell 2000 index of smaller companies fell 45.34 points, or 2.6%, to 1,725.90.
For the week:
The S&P 500 is up 55.05 points, or 1.4%.
The Dow is down 47.66 points, or 0.1%.
The Nasdaq is up 491.63 points, or 4.4%.
The Russell 2000 is down 46.81 points, or 2.6%
For the year:
The S&P 500 is up 77.14 points, or 2%.
The Dow is down 1,285.27 points, or 3.9%.
The Nasdaq is up 1,164.03 points, or 11.1%.
The Russell 2000 is down 35.35 points, or 2%