Indices Post Worst Weeks Since March
September 22,2023 04:23 pm EST
Stocks retreated on Friday afternoon as the market neared the end of a rough week with steep losses.
The Dow Jones Industrials continued its negative trend, losing 106.11 points Friday to 33,964.31.
The S&P 500 faded 9.95 points to 4,320.05.
The NASDAQ index dipped 12.18 points to 13,211.81.
Ford climbed 1.9% after reports that the auto giant was making progress in negotiations with the striking United Auto Workers union. Stellantis also traded higher, while General Motors was near flat.
Those moves came after a three-day losing streak for the major averages. The losses came as investors reacted to a signal from the Federal Reserve that it intended to keep interest rates higher for longer.
The S&P 500 slumped 2.8% and the technology-heavy NASDAQ Composite dropped 3.5% this week. It marks the third straight negative week and worst weekly performance since March for each. The blue-chip Dow slid 1.8% on the week.
Investors also became concerned about a government shutdown, which could dent consumer confidence and slow down the economy further. House Republican leaders sent the chamber into recess on Thursday.
Prices for the 10-year Treasury gained ground, lowering yields to 4.43% from Thursday's 4.49%. Treasury prices and yields move in opposite directions.
Oil prices moved back up 73 cents to $90.36 U.S. a barrel.
Gold prices jumped $5.60 to $1,945.20 U.S. an ounce.