Wall Street experienced a decline in stocks on Friday, contributing to its first losing week in the past six weeks.

The S&P 500 retreated by 0.8%, or 33.56 points, closing at 4,348.33. This downward movement continued from the previous week when the index reached its highest level in over a year.

The Dow Jones Industrial Average also dropped by 0.6%, or 219.28 points, finishing at 33,727.43. Similarly, the Nasdaq composite experienced a decline of 1%, or 138.09 points, concluding at 13,492.52.

Global markets also witnessed a decrease, while crude oil prices slipped due to concerns surrounding a sluggish global economy that may result in reduced fuel consumption, the Associated Press reports.

Preliminary reports evaluating the manufacturing and services sectors indicated that Europe’s economy is weaker than initially anticipated.

This contributed to the overall hesitancy in the market throughout the week. Additionally, central banks worldwide have been increasing interest rates in an attempt to control high inflation.

However, this rise in rates can dampen inflation by slowing down the economy, consequently raising the risk of a recession.

Written by staff