The U.S. stock market faced a turbulent week, ending with a downward trend on Friday. The Federal Reserve's announcement regarding their intention to maintain higher interest rates for an extended period continued to impact global markets.
The S&P 500 index (SPX, -0.23%) closed at 4,319.93 on Friday, recording a decline of 10.17 points or 0.2%, according to preliminary closing data from FactSet. This marked the fourth consecutive day of losses, representing the longest stretch since early August. Additionally, the index experienced a significant weekly drop of 2.9%, which is the largest since the week ending March 10, when Silicon Valley Bank's collapse induced a brief but intense selloff.
The Nasdaq Composite index (COMP, -0.09%) concluded Friday at 13,211.81, following a decrease of 12.18 points or 0.1%. Similarly, it witnessed a substantial weekly loss of 3.6%, showcasing its worst performance since March 10.
Dow Jones Industrial Average
The Dow Jones Industrial Average (DJIA, -0.31%) experienced a decline of 106.38 points or 0.3%, closing at 33,964.44 on Friday. With a weekly plunge of 1.9%, this marks its poorest performance in approximately one month.
These downward trends signify that both the S&P 500 and Nasdaq have encountered losses in six out of the last eight weeks.