NEW YORK, New York – Earnings reports and economic news undermined U.S. stocks on Friday, sending all the major indices into the red.
“Economic data is coming in weaker, kind of confirming the fact that a recession is highly likely over the next 12 months. And the markets are trying to figure out what that looks like with economic growth slowing significantly and the Fed in the midst of pretty aggressive tightening fiscal,” Megan Horneman, chief investment officer at Verdence Capital Advisors in Hunt Valley, Maryland, told Reuters Friday.
The Standard and Poor’s 500 declined 37.32 points, or 0.93 percent, to 3,961.53.
The Dow Jones Industrial Average retreated 137.61 points, or 0.43 percent, to 31,905.67.
The Nasdaq Composite did worst, falling 225.50 points, or 1.87 percent, to 11,834.11.
“Earnings are coming in less bad than feared, but they’re deteriorating from what we got used to and accustomed to over the last several quarters,” Bob Doll, CIO at Crossmark Global Investments told Reuters Friday.
The U.S. dollar ran short of supporters Friday, sending the greenback into a tailspin. The euro bounced up to 1.0212 by the New York close Friday. The British pound was stronger at 1.1999. The Japanese yen rose sharply to 136.06. The Swiss franc strengthened to 0.9615.
The Australian dollar edged up to 0.6924. The New Zealand dollar rose to 0.6253.
Going against the trend, the Canadian dollar slipped to 1.2916.
Stocks in Europe, the UK, and Asia finished the week mostly flat.
The FTSE 100 in London fell 0.08 percent. The German Dax dipped 0.05 percent. The CAC 40 in Paris, France, edged down 0.28 percent.
In Japan, the Nikkei 225 did best, closing 111.66 points or 0.40 percent higher at 27,914.66.
China’s Shanghai Composite inched down 2.03 points or 0.06 percent to 3,269.47.
The Australia All Ordinaries drifted down 6.60 points or 0.09 percent to 7,011.80.
In New Zealand, the S&P/NZX 50 dipped 6.57 points or 0.06 percent to 11,263.19.
South Korea’s Kospi Composite slid 16.02 points or 0.16 percent to 2,393.14.
The Hang Seng was still trading at the time of writing, ahead 34 points.
