Dow closes down nearly 1,000 points in worst day since October 2020
Stocks finish sharply lower Friday to book weekly losses, as Wall Street focused on a potentially compressed timeline for the Federal Reserve to swiftly raise interest rates in a bid to curtail inflation at 1980s levels. The Dow Jones Industrial Average DJIA, -2.82% shed about 979 points, or 2.8%, ending near 33,813. It marked the worst daily percentage drop for the index since Oct. 28, 2020, according to Dow Jones Market data. The S&P 500 index SPX, -2.77% fell 2.
Federal Reserve Chairman Jerome Powell was credited with adding to market jitters after he signaled support on Thursday for a bigger 50 basis point rate increase at the central bank's May policy meeting, rather than the more typical 25 basis point hike. Cleveland Fed President Loretta Mester said Friday afternoon that she didn't want to"shock" the economy with a 75 basis point interest rate hike at the Fed's next meeting in May.
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