NEW YORK – The Dow capped the worst week since October with more losses Friday as markets continued to digest the latest pivot in Federal Reserve messaging towards more restrictive monetary policy.
After European bourses fell nearly two percent, the Dow dropped more than 500 points, or 1.6 percent on weakness in energy and financial shares. That brought the blue-chip index’s losses for the week to 3.4 percent, the biggest drop in eight months.
“It is turning into a bit of a black Friday for risk assets in what looks like a mini taper tantrum,” said market analyst Fawad Razaqzada at ThinkMarkets.
The reference is to a 2013 panic on markets after the Fed indicated it…
Keep on reading: Dow falls to end worst week since October as European stocks tumble