Stocks ended sharply lower Friday, leaving major indexes with hefty weekly losses, after the personal consumpion expenditures price index for January came in hotter than expected, cementing expectations the Federal Reserve will move rates higher than investors previously anticipated in the effort to rein in inflation.
The Dow Jones Industrial Average DJIA, -1.02% fell around 337 points, or 1%, to close near 32,817, according to preliminary data, while the S&P 500 SPX, -1.05% shed 1.1% to finish near 3,970. The Nasdaq Composite COMP, -1.69% dropped 1.7% to end near 11,395. The Dow suffered a 3.7% weekly fall, with the S&P 500 down 2.6% and the Nasdaq off 1.6%.
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Consumers continue to spend despite higher prices! What's Up?