The US stock market posted huge losses ahead of the holiday close as investors absorbed the Federal Reserve’s interest rate hike and a bunch of other bearish economic data.
White House trade advisor Peter Navarro said Friday that the trade war between the US and China would not come to an end in near-term. He confirmed that the 90-day talks between the two economically powerful nations did not yield any substantial outcomes, blaming Beijing for not overhauling its economic policies.
For the week, the Nasdaq shed 8.4 percent, the S&P 500 wiped 7.1 percent, and the Dow Jones declined 6.9 percent. It was the worst week for Nasdaq and Dow since 2008 and the S&P’s weakest performance since 2011. On Friday, the US stock market posted peak combined trading volume, its best since August of 2011, in an event known as “quadruple witching.” The day marked the expiry of options and futures on both stocks and indexes.