The stock market ended an unusually turbulent week with its fifth straight weekly decline.
The bumpy and mostly lower ride came as investors fear the Federal Reserve will fail to engineer a smooth cooling of the economy without letting inflation run amok. The Federal Reserve is moving aggressively to withdraw the supports to the economy put in place during the pandemic. That has helped send bond yields, which influence mortgage rates, to the highest levels since 2018, and they are sure to rise.
The S&P 500 fell 23.53 points, or 0.6%, to 4,123.34.
The Dow Jones Industrial Average fell 98.60 points, or 0.3%, to 32,899.37.
The Nasdaq fell 173.03 points, or 1.4%, to 12,144.66.
The Russell 2000 index of smaller companies fell 31.58 points, or 1.7%, to 1,839.56.
For the week:
The S&P 500 is down 8.59 points, or 0.2%.
The Dow Jones is down 77.84 points, or 0.2%.
The Nasdaq is down 189.98 points, or 1.5%.
The Russell 2000 is down 24.54 points, or 1.3%.
For the year:
The S&P 500 is down 642.84 points, or 13.5%.
The Dow Jones is down 3,438.93 points, or 9.5%.
The Nasdaq is down 3,500.31 points, or 22.4%.
The Russell 2000 is down 405.75 points, or 18.1%.