Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation.
The S&P 500 fell 1.8 percent Friday. The Nasdaq composite fell 2.4 percent and is now down 10 percent from its record set last month. The Dow Jones Industrial Average lost 1.5 percent.
A report showed hiring by U.S. employers slowed last month by much more than expected, sending fear through markets. Intel sank to its worst day in 50 years after reporting weaker-than-expected profits and suspending its dividend. Treasury yields tumbled as expectations built for how deeply the Federal Reserve will cut rates in September.
On Friday:
The S&P 500 fell 100.12 points, or 1.8 percent, to 5,346.56.
The Dow Jones Industrial Average fell 610.71 points, or 1.5 percent, to 39,737.26.
The Nasdaq composite fell 417.98 points, or 2.4 percent, to 16,776.16.
The Russell 2000 index of smaller companies fell 76.85 points, or 3.5 percent, to 2,109.31.
For the week:
The S&P 500 is down 112.54 points, or 2.1 percent.
The Dow is down 852.08 points, or 2.1 percent.
The Nasdaq is down 581.72 points, or 3.4 percent.
The Russell 2000 is down 150.76 points, or 6.7 percent.
For the year:
The S&P 500 is up 576.73 points, or 12.1 percent.
The Dow is up 2,047.72 points, or 5.4 percent.
The Nasdaq is up 1,764.81 points, or 11.8 percent.
The Russell 2000 is up 82.24 points, or 4.1 percent.
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