Stocks tumbled worldwide Friday on more signs the global economy is weakening, just as central banks raise the pressure even more with additional interest rate hikes.
The S&P 500 fell 2.9% in afternoon trading, adding a dismal cap on what’s already been a rough week. It’s now at the lowest point of the year and has shed all its gains from 2021. The Dow Jones Industrial Average is now 20% below its record set early this year. If it closes at or below that level, it would join other major indexes that already passed the threshold.