The benchmark S&P 500 index closed in correction territory on Friday, ending a week made volatile by weaker-than-expected earnings reports and strong economic data.
The S&P 500 fell 0.5%, marking a more than 10% drop from its most recent July peak. The Dow tumbled 367 points, or 1.1%, after sliding by more than 400 points at the trading session’s lows. The Nasdaq Composite added 0.4%. Amazon shares rose 6.8% on Friday after the e-commerce giant reported a beat on top-and bottom-lines for its most recent quarter.
5% and the Nasdaq Composite lost 2.6%. Key data this week has shown that the US economy continues to remain strong despite interest rates at their highest level in 22 years, concerning investors already fearful that the central bank will keep rates higher for longer. Gross domestic product, a measure of all goods and services produced in the US economy, rose at an annualized 4.9% rate during the third quarter, the Commerce Department reported Thursday.
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