Stocks closed sharply lower again Friday as higher oil prices lifted inflation expectations – and chances of a rate hike by year's end. By the time the dust settled, the three main indexes had logged a fifth straight weekly loss – and the blue-chip Dow Jones Industrial Average had joined the tech-heavy Nasdaq Composite in correction territory.
At the close, the Dow was down 1.7% at 45,166 and the S&P 500 was off 1.7% at 6,368, with both indexes logging their longest weekly losing streaks since May 2022. The tech-heavy Nasdaq Composite, which fell into correction territory on Thursday, slumped 2.2% to 20,948.
