Wall Street closed lower after a report showed inflation is slowing, though not by as much as hoped. The S&P 500 fell 0.7% Friday, marking its first losing week in the last three.
The weakness came after the U.S. government reported that prices at the wholesale level were 7.4% higher in November than a year earlier. That’s a slowdown from October but worse than economists expected.
High inflation, along with the Federal Reserve’s economy-crunching response to it, have been the main reasons for the stock market’s painful tumble this year.
The S&P 500 fell 29.13 points, or 0.7%, to 3,934.38.
The Dow Jones Industrial Average fell 305.02 points, or 0.9%, to 33,476.46.
The Nasdaq fell 77.39 points, or 0.7%, to 11,004.62.
The Russell 2000 index of smaller companies fell 21.63 points, or 1.2%, to 1,796.66.
For the week:
The S&P 500 is down 137.32 points, or 3.4%.
The Dow is down 953.42 points, or 2.8%.
The Nasdaq is down 456.88 points, or 4%.
The Russell 2000 is down 96.18 points, or 5.1%.
For the year:
The S&P 500 is down 831.80 points, or 17.5%.
The Dow is down 2,861.84 points, or 7.9%.
The Nasdaq is down 4,640.35 points, or 29.7%.
The Russell 2000 is down 448.65 points, or 20%.