A whipsaw week for Wall Street closed with drops for stocks as worries worsened about the banking industry and strength of the economy. The S&P 500 sank 1.1%, cutting its gain for the week. The Dow lost 384 points, or 1.2%, and the Nasdaq fell 0.7%.
looks nowhere near as bad as the 2007-08 financial crisis that ruined the global economy. But the troubles still feed into concerns about a recession because problems for banks could mean problems for smaller and mid-sized companies getting the loans they need to grow.
After years of enjoying historically easy conditions, banks are now getting a shock after the Federal Reserve and other central banks jacked up interest rates at a blistering pace. The moves are meant to get the world’s high inflation under control. Some of the wildest action has been in the bond market, where yields have swung as traders drastically recalibrate bets for where the Fed will take rates.
Traders largely expect this week’s turmoil to push the Federal Reserve to hike interest rates at its next meeting by only a quarter of a percentage point. That would be the same sized increase as last month’s and half the hike of 0.50 points that some traders were earlier expecting.A report on Friday gave the Fed possibly more reason to hold off on reaccelerating its rate hikes. Expectations for inflation among U.S.
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