Dow's worst day since 2020 | Disappointing earnings drag market | UN chief to meet Putin
Stocks ended the week on a sour note, as the Dow gave up gains from earlier this week and tumbled to its worst day since Oct. 28, 2020. It was also the fourth straight down week for the Dow.
Stocks ended the week on a sour note, as the Dow gave up gains from earlier this week and tumbled to its worst day since Oct. 28, 2020. It was also the fourth straight down week for the Dow.
The S&P 500 and Nasdaq Composite also plunged, for their third losing week in a row. All three of the major averages declined by more than 2% Friday.
Health care stocks led the sell-off, with HCA Healthcare dropping 21.8% following disappointing quarterly results, and dragging down other stocks in the sector. HCA was the worst-performing stock in the S&P 500.
The downturn began Thursday following remarks by Federal Reserve Chair Jerome Powell about the potential of a 50 basis point rate hike at the FOMC's May meeting.
That, combined with disappointing earnings reports, drove the market down through the end of a big earnings week. On Friday, Gap shares sank 18%, and Verizon shares lost 5.6% — both following their quarterly financial reports.
The sell-off on Friday was widespread – all 11 S&P 500 sectors were lower – but had bright spots. SVB Financial Group and Kimberly Clark each added more than 7% despite the surrounding market bloodbath.
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