Dow Shambles Nearly 1,000 to Close Week

Stocks plunged on Friday, pulling the Dow Jones Industrial Average and S&P 500 down for consecutive weekly declines, as traders weighed a raft of corporate earnings and rising interest rates.

The 30-stock index withered 981.36 points, or 2.8%, to 33,811.46, for its worst day since 2020.

The S&P 500 skidded 121.88 points, or 2.8% to 4,271.78, for its lowest day since March.

The NASDAQ Composite plunged 335.36 points, or 2.6%, to 12,839.29.

UnitedHealth fell more than 3%, shaving more than 100 points off the Dow. Caterpillar also took out nearly 100 points from the 30-stock average, dropping 6.6% on the day. Goldman Sachs, Home Depot and Visa were also big downside contributors.

Those losses put the Dow down 1.9% for the week, its fourth straight weekly decline and its ninth losing week of the last 11. The S&P 500 fell to a three-week slide, and was down 2.8% on a weekly basis. The NASDAQ was the laggard this week, losing 3.8%.

Companies reporting disappointing quarterly results led the market decline Friday. HCA Healthcare dropped 21.8% and was the worst-performing stock in the S&P 500. The decline came as the company posted weak full-year earnings and revenue guidance.

That led other names in the sector lower. Intuitive Surgical and Universal Health Services each lost about 14%. DaVita fell almost 9.1% and DexCom fell 6.7%.

Verizon shares fell 5.6% after the company reported a loss of 36,000 monthly phone subscribers in the first quarter.

Shares of Gap plunged 18% after the company announced the CEO of its Old Navy division, Nancy Green, is leaving the business this week. Gap also slashed its outlook for net sales growth in fiscal 2022.

Treasury prices were slightly lower, inching yields up to 2.90% from Thursday’s 2.89%. Treasury prices and yields move in opposite directions.

Oil prices subtracted $2.12 at $101.67 U.S. a barrel.

Gold prices dipped $14.00 to $1,934.20 U.S. an ounce.