Both the Dow and the S&P 500 continued to decline on Friday amid ongoing fears of economic slowdowns based mainly around potential Federal Reserve interest rate hikes.
The S&P fell 2.8 percent on Friday, bringing its total year-to-date declines to 10 percent, with nearly six percent according in April alone.
The Dow also saw significant declines, dropping 900 points in its worth-performing day since March of 2020 when it declined sharply due to fears of the COVID pandemic.
The drops come shortly after Federal Reserve Chairman Jerome Powell reaffirmed the Federal Reserve’s intent to sharply curtail inflation by hiking interest rates.
Powell signaled that the Fed will likely hike rates by half a percentage point next month when bank leadership meets next month.