Advertisment
The Dow Jones Industrial Average retreated on Friday, with the benchmark headed for its worst week in about two years as the salvo of trade policy actions unnerved investors.
The blue-chip index tailed off 370.72 points to 42,208.36
The S&P 500 index fell 65.31 points, or 1.1%, to 5,674.
The NASDAQ Composite collapsed 271.6 points, or 1.6%, to 17,797.66.
This market rout put the three major averages on course for their worst weeks this year. The Dow and S&P 500 have slid 3.7% and 4.7%, respectively, now poised to each notch their worst weeks since March 2023.
The NASDAQ Composite has dropped 5.4%, on track for its worst week going back to September. The NASDAQ is officially in correction territory, which means the tech-heavy index closed 10% off its recent high.
A weaker-than-expected jobs report released Friday raised further concerns about an economic softening and sent rates lower. Nonfarm payrolls increased by 151,000 jobs in February, less than the consensus forecast for 170,000 from economists polled by Dow Jones.
The unemployment rate ticked higher to 4.1%.
That came as stocks have been on a roller-coaster ride this week with President Donald Trump’s tariff policies worrying investors about future U.S. growth and inflation.
Trump said on Thursday that a swath of goods from Canada and Mexico that are covered by the North American trade agreement known as USMCA would be exempt from the announced duties until April 2.
That move effectively walked back much of the original plan. But the market has still sold off this week, with uncertainty mounting amid constant updates and a lack of clarity around what to expect longer term.
This market rout put the three major averages on course for their worst week since September 2024. The S&P 500 is off 3.4% week to date, while the 30-stock Dow is down 3%. The NASDAQ has dropped 3.7% so far this week and fell into correction territory, meaning it closed 10% off its all-time high.
Friday’s market got upward momentum from Broadcom’s rally of more than 6% on strong earnings. Nvidia, another artificial intelligence giant, also rose in the session.
Prices for the 10-year Treasury edged higher, lowering yields to 4.23% from Thursday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices gained 82 cents to $67.18 U.S. a barrel.
Prices for gold fell off $2.20 an ounce to $2,924.40 U.S.
Stocks Head for Worst Week in 2 Yrs. On Trade Uncertainty
