US Stocks Retreat Amid Economic Concerns
The Dow Jones Industrial Average dropped 0.95%, shedding 453.19 points to finish at 47,501.55.
Meanwhile, the Nasdaq Composite fell 1.59%, losing 361.31 points to close at 22,387.68, and the S&P 500 decreased 1.33%, or 90.69 points, settling at 6,740.02.
The Volatility Index (VIX), often called the market’s “fear index,” surged 24.17% to 29.49, reflecting increased investor anxiety.
Market participants were particularly attentive to inflation data to gauge the Federal Reserve’s forthcoming policy decisions.
Rising labor costs beyond expectations stoked worries that interest rates could stay higher for an extended period.
Official statistics indicated that the US economy contracted by 92,000 jobs in February.
On the commodities front, Brent crude futures climbed past $92 on Friday, marking their highest level since mid-2024, as intensifying tensions in the Middle East raised fears of interruptions to global energy supply chains.
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