Major U.S. stock indexes closed mixed Friday, but finished a turbulent week sharply lower on fears that high inflation and tighter financial conditions could derail the economy. The Dow Jones Industrial Average fell about 40 points, or 0.1%, closing near 29,886 and booking at 4.8% weekly decline. The S&P 500 index rose 0.2% Friday, but fell 5.8% for the week, while the Nasdaq Composite Index gained 1.4% Friday and shed 4.8% for the week. The S&P 500 officially entered a bear market this week, while all three indexes booked a third-straight week of losses, according to Dow Jones Market Data. The brief rally for stocks after the Federal Reserve’s 75 basis point rate hike on Wednesday, its largest in nearly three decades, gave way to sharp selling on mounting fears about the U.S. economy landing in a recession as the central bank looks to cool inflation by raising rates to nearly 4% by the end of 2023, and by reducing its near $9 trillion balance sheet.
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