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Worries about slowing corporate earnings and the Federal Reserve’s plans to rapidly raise interest rates dragged the Dow industrials to their worst day since 2020.
Friday’s declines, which deepened throughout the session, undid gains from earlier in the week, extending a slide for stock markets. The broad-based S&P 500 fell at least 1% for the third consecutive week, while the tech-focused Nasdaq Composite Index lost at least 2% for a third straight week. Bond yields extended their gains, rising for three consecutive weeks.