NEW YORK (AP) — Another drop for stocks on Friday helped drag Wall Street to its first losing week in the last six.
The S&P 500 fell 33.56, or 0.8%, to 4,348.33, pulling back further from last week when it reached its highest level in more than a year. The Dow Jones Industrial Average dropped 219.28, or 0.6%, to 33,727.43, and the Nasdaq composite sank 138.09, or 1%, to 13,492.52.
Overseas markets also fell, while crude oil prices slipped amid worries that a stressed global economy may burn less fuel.
Europe’s economy appears to be weaker than expected, according to a preliminary report measuring manufacturing and services businesses. That added to the 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.
