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Market Update: Dow Posts Worst Week Since October
All three main US stock indexes lost ground on Friday, with the blue-chip Dow tumbling more than 500 points to post their worst week since October as investors liquidated reflation trades in the wake of a hawkish Fed. The US central bank signalled it might raise interest rates as early as 2023, a faster pace than initially thought, while Chair Jerome Powell said there had also been initial discussions about a bond-buying tapering. On top of that, comments from James Bullard, president of the St Louis Fed, about the prospects of an even earlier interest rate increase have put equities under increasing pressure. Falls were most pronounced in those economically sensitive sectors of the market that had recently rallied, including energy, financials and materials stocks. The S&P 500 lost nearly 2% this week to snap a four-week winning streak, while the tech-heavy Nasdaq 100 outperformed its peers by finishing the week on a high note. [/s2If]
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