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Stocks dropped Friday as investors continued to sell into year-end on fears a recession is ahead next year because of the Federal Reserve’s unrelenting rate hiking.
The Dow Jones Industrials lost 281.76 points to close the week at 32,920.46
The S&P 500 dipped 43.39 points, or 1.1%, to 3,852.36.
The selloff was broad-based, with just 10 names in the S&P 500 trading in positive territory. Real estate was down 3% and consumer discretionary plunged nearly 1.7%.
The NASDAQ Composite Index retreated 105.11 points, or 1%, to 10,705.41.
The indexes notched a second consecutive week of losses. The S&P 500 is off 2.1% for the week, and 5.6% for the month of December, as hopes for a year-end rally fizzle.
Meanwhile, shares of Adobe outperformed, up nearly 3%, after the design software firm posted fiscal fourth-quarter earnings and guidance that topped expectations. Shares of Meta rose 2.8% after JPMorgan upgraded shares of the social media company to overweight from neutral.
Prices for the 10-year Treasury tumbled, raising yields to 3.49% from Thursday’s 3.45%. Treasury prices and yields move in opposite directions.
Oil prices docked $1.81 to $74.30 U.S. a barrel.
Gold prices restored $14.80 to $1,802.60 U.S. an ounce.
