Wall Street Record Weekly Losses on Fed’s Hawkish Tone

The main indices of the New York Stock Exchange (NYSE) closed lower on Friday, amid concerns about the hawkish tone by the Federal Reserve, with Wall Street worrying about raising interest rated sooner than expected.

The Dow Jones Industrial Average declined by 533.37 points, or 1.58%, and closed at 33,290 points.

For the week, the Dow lost 3.5% in the worst weekly performance for the index since the end of October.

The S&P 500 lost 55.41 points, or 1.31%, and finished at 4,166.45 points, down 1.9% for the week.

Meanwhile, the Nasdaq Composite index fell by 130.97 points, or 0.92%, and closed at 14,030.38 points, losing 0.3% on the weekly basis.