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Stocks tumbled on Friday to close out a brutal week for financial markets as surging interest rates and foreign currency turmoil heightened fears of a global recession.
The Dow Jones Industrials withered 486.27 points, or 1.6%, to 29,590.41.
The Dow notched a new low for the year and closed below 30,000 for the first time since June 17. The 30-stock index fell 19.9% on an intraday basis and flirted with bear market territory.
The S&P 500 retreated 64.76 points, or 1.7%, to 3,693.23, a new 2022 closing low.
The NASDAQ Composite moved sharply into the red, 198.88 points, or 1.8%, to 10,867.93.
Friday marked the fourth negative session in a row for the major averages. The Fed on Wednesday enacted another super-sized rate hike of 75 basis points and indicated it would do another at its November meeting.
The major averages are on pace for their fifth decline in the last six weeks. The Dow has given up about 4.5% this week, while both the S&P tunneled 5.2%, and the NASDAQ fell 5.5%.
Shares of APA Corp. dipped 12.3%, and Marathon Oil led the S&P’s losses, slumping 11.3% to lead the S&P’s losses.
Consumer discretionary names like Royal Caribbean and Norwegian Cruise Line also shed more than 5%, adding to the losses in the benchmark index.
Just 42 stocks held on to modest gains heading into the close, with shares of Generac and Domino’s Pizza up about 3% each.
Treasury prices regained lost ground, sending yields back down to Thursday’s 3.70%. Treasury prices and yields move in opposite direction.
Oil prices dragged $4.44 to $79.05 U.S. a barrel.
Gold prices sagged 30 dollars to $1,651.10 U.S. an ounce.
