Dow closes down nearly 400 points Friday, but books a weekly gain


U.S. stocks finished a week of extreme volatility sharply lower on Friday, even as the Dow posted a second weekly advance after inflation data showed little signs of pulling back from its roughly 8% advance in September from a year ago. The Dow Jones Industrial Average DJIA, -1.34% fell about 400 points, or 1.3%, ending near 29,634. The S&P 500 index SPX, -2.37% posted a 2.4% decline and the Nasdaq Composite Index COMP, -3.08% closed down 3.1%, according to FactSet. The hot inflation reading has fueled expectations of another rate hike of 75 basis points in November by the Federal Reserve, but also for the central bank’s policy rate to hit 5% in a matter of months. The Fed has been looking to cool inflation stuck near a 40-year high through a smaller balance sheet and higher rates, without sparking a recession. The S&P 500 shed 1.6% for the week, while the Nasdaq closed the week 3.1% lower.

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