Stocks closed lower on Wall Street Friday, marking their third losing week in the last four, per the AP. Banks, technology companies, and industrials all helped pull major indexes lower Friday. The Dow fell 532 points, or 1.4%, to 35,365; the S&P 500 fell 48 points, or 1%, to 4,620; and the Nasdaq fell 10 points, a fraction of a percent, to 15,169. After pushing the S&P 500 to a record high last week, investors have been taking money off the table as the Federal Reserve moves to dial back stimulus and fight inflation with interest rate increases starting some time next year. The yield on the 10-year Treasury note fell to 1.41%.
“The cat is kind of out of the bag now and it seems like inflation is something that's going to be more persistent in 2022,” said Charlie Ripley, senior investment strategist for Allianz Investment Management. Losses were broad throughout other sectors. A wide range of retailers, household goods makers, and industrial firms also fell. Home Depot slid 2.8%, Procter & Gamble fell 1.4%, and Caterpillar dropped 2%. Sectors considered less risky held up better than the rest of the market. Real estate stocks rose slightly. Losses weren't as severe for utilities and materials companies.
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