US stocks plummeted on Friday following a warning from Federal Reserve Chair Jerome Powell that the central bank will not end its fight against rapid inflation anytime soon.
Powell’s comments weighed on investors, who grappled with what more aggressive interest rate hikes might mean for the health of the economy.
- The Dow closed down 1008 points, or 3%.
- The S&P 500 fell by 3.4%.
- The Nasdaq Composite closed 3.9% lower.
For the week, the Dow fell by 4.2%. The S&P 500 and Nasdaq Composite were down 4% and 4.4%, respectively.
As stocks settle after the trading day, levels might still change slightly.