Dow skids nearly 900 points Friday as stock selloff accelerates
Stocks fell sharply Friday afternoon, with the Dow down nearly 900 points as losses on Wall Street intensified ahead of the weekend. The Dow industrials skid 886 points, or 2.5%, to about 33,909, heading for its worst daily percent decline since Nov. 26, 2021, according to Dow Jones Market Data. The S&P 500 index also was off 2.5%, at last check, while the Nasdaq Composite Index was down 2.4%, according to FactSet. Investor jitters have been tied to comments from Federal Reserve Chairman Jerome Powell, who on Thursday told markets that an interest rate increase of 50 basis points was on the table for the upcoming May policy meeting. That added to the chorus of central bankers calling for a faster pace to higher rates to help thwart inflation at 40-year highs. A fresh batch of corporate earnings also largely disappointed.
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