Stocks tumbled on Friday to close out a brutal week for financial markets as surging interest rates and foreign currency turmoil heightened fears of a global recession. The Dow fell 1.61%. The S&P 500 slid 1.72%. The Nasdaq tumbled 1.80%.
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Bear in mind, the Dow first closed above 30,000 on Nov. 24, 2020 , and went on to reach an all-time intraday high that very nearly touched 37,000 back in the first week of January this year.
The wholesale retailer said it's seeing higher freight and labor costs and reported operating margins slightly below consensus expectations.The dollar index hit its highest level since 2002. The Dow Jones Industrial Average fell by 340 points, or 1.1%, touching below its June closing low and the 30,000 level. The S&P 500 slid 1.3% and the Nasdaq Composite lost 1.2%.Oil hit a trading low of $79.64 per barrel Friday, marking the first time since early January it has traded below $80 per barrel.
"A lot of people can't get done what they want to get done, so they're getting done what they can get done.
Citi suggests investors take a defensive stance to play this uncertain market. The bank maintains a long position in healthcare, replacing its previous position in communication with utilities and staying short on financials and industrials.All the major averages are slated to end the week with losses ahead of Friday's trading session, with the Dow on track to break below its June closing low.Down 17.2% this year, 2.4% for the weekDown about 3% for the week, 21.1% this yearDown 3.
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