Advertisment
Stocks tumbled on Friday as the post-election rally fizzled and investors fretted over the path of interest rates.
The Dow Jones Industrials fell 305.87 points to 43,444.99.
The S&P 500 dived 78.55 points, or 1.3%, to 5,870.62.
The NASDAQ Composite staggered 427.53 points, or 2.2%, to 18,680.13.
The S&P 500 posted a weekly loss of 2.1%, while the NASDAQ Composite slid about 3.2%. The 30-stock Dow fell 1.2% in the period.
Declines in pharmaceutical stocks weighed on the Dow and the S&P 500, with Amgen down about 4.2% and Moderna off by 7.3%.
President-elect Donald Trump said on Thursday that he planned to nominate vaccine skeptic Robert F. Kennedy Jr. to lead the U.S. Department of Health and Human Services.
October retail sales data on Friday showed a 0.4% increase, slightly better than the 0.3% forecast from economists polled by Dow Jones. That finding follows an October consumer inflation report that was in line with economists’ projections.
Prices for the 10-year Treasury regained strength, lowering yields to 4.44% from Thursday’s 4.45%. Treasury prices and yields move in opposite directions.
Oil prices sagged $1.66 to $67.04 U.S. a barrel.
Prices for gold eased $5.90 an ounce to $2,567,99 U.S.
