Stocks sink on Wall Street fears of higher rates for longer
Stocks experienced a decline on Friday, concluding the week with losses following the Federal Reserve’s indication of prolonged higher interest rates.
The S&P 500 (^GSPC) recorded a 0.2% decrease, while the Dow Jones Industrial Average (^DJI) retreated by approximately 0.3%, equivalent to 100 points. The tech-centric Nasdaq Composite (^IXIC) posted a slight 0.09% decline.
In recent days, market sentiment has turned cautious as it assessed the consequences of the Fed’s commitment to maintaining elevated borrowing costs as a means to combat inflation.
Federal Reserve Chair Jerome Powell’s comments did little to instill confidence that the U.S. economy would escape a potential recession, Yahoo Finance reported.
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