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Wall Street sees worst week in two years

Wall Street sees worst week in two years
Dow and S&P 500 fall 5.2 percent, largest weekly percentage drop since January 2016

By Ovunc Kutlu

NEW YORK (AA) - U.S. stocks posted their biggest weekly percentage drop in two years, despite ending Friday with gains.

After a volatile session, the Dow Jones Industrial Average added 330 points, or 1.38 percent, to finish the day at 24,190 and the S&P 500 rose 38 points, or 1.49 percent, to 2,619.

The Nasdaq gained 97 points, or 1.44 percent, to close at 6,874.

The indexes posted their biggest losses Monday and Thursday, falling around 4 percent each, with the Dow losing more than 2,000 combined points.

The Dow and the S&P 500 both ended the week 5.2 percent lower -- their largest weekly percentage drop since January 2016.

The Nasdaq declined 5.1 percent this week, marking its biggest weekly percentage loss since February 2016.

The indexes reached record highs in January and the recent decline is a correction in the bull market, experts said, but noted that market volatility remains high.

Investors' worries remain strong over the possibility that rising inflation could lead to more rate hikes by the U.S. Federal Reserve this year.

source: News Feed
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