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Nasdaq enters bear market capping worst week in a decade
Stocks ended sharply lower on Friday to close out a weeklong equity-market rout, as investors grappled with concerns over the Federal Reserve’s hiking plans and a partial government shutdown. The S&P 500 fell 2.1% to 2,417, based on preliminary numbers. The Dow Jones Industrial Average shed around 416 points, or 1.8%, to end near 22,444. The Nasdaq Composite slipped 3% to 6,333. On a weekly basis, the S&P and Dow were down around 7%, while the Nasdaq saw a more dramatic drop of 8.4%. The Nasdaq officially slid into a bear market, defined as a drop of at least 20% from a recent peak. President Donald Trump said he would not sign a short-term budget extension if Congress did not agree to fund a border wall. New York Fed President John Williams failed to calm investors, saying the central bank would take into account the state of financial markets next year after equities swooned over the results of a two-day Fed meeting. In company news, shares of Perrigo Co. fell 28% after reports that the Irish government was trying to collect more than a billion in back taxes and penalties.
Source : MTV
