Wall Street on Friday closed out its first losing week in the last six:
- The S&P 500 fell 33 points, or 0.7%, to 4,348.
- The Dow fell 218 points, or 0.6%, to 33,728.
- The Nasdaq fell 138 points, or 1%, to 13,492.
- All the indexes lost about 1% for the week, per CNBC.
Overseas markets also fell, while crude oil prices slipped amid worries that a stressed global economy may burn less fuel, per the AP. Europe's economy appears to be weaker than expected, according to a preliminary report measuring manufacturing and services businesses. That's adding to this week's hesitance in markets, caused by a crank higher in interest rates by central banks around the world as they try to get high inflation under control. High rates drive down inflation by slowing the economy, which raises the risk of a recession. Critics have also said the US stock market was due for a breather after it climbed too far, too fast, following a rally of more than 20% since mid-October.
Energy stocks accounted for some of the sharper losses on Wall Street, with Halliburton losing 2.1%. Tech companies were also hit hard: A 1.2% drop for Microsoft and 3.1% fall for Tesla were the two heaviest weights on the S&P 500. Higher interest rates hurt all kinds of investments, from stocks to bonds to crypto, but high-growth stocks tend to be among the most impacted. On the winning side of Wall Street was CarMax. It jumped 9.9% after reporting much stronger profit for the latest quarter than analyst expected. Coinbase rose 6.5% after winning a Supreme Court case. The crypto trading platform wanted to keep a dispute with a customer in arbitration, a process that many companies prefer over lawsuits in courts.
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