How major US stock indexes fared Thursday

US stocks sink after Fed rate hike, Dow swings over 700 points to close down 1.5%

The Dow closed 414 points, or 1.8%, lower on Friday.

A series of sharp declines over the past week have left stocks headed for their worst monthly loss in almost a decade.

At 1:20 p.m. ET, the Dow Jones Industrial Average was down 169.07 points, or 0.74 percent, at 22,690.53, the S&P 500 was down 24.57 points, or 1.00 percent, at 2,442.85 and the Nasdaq Composite was down 127.58 points, or 1.95 percent, at 6,400.83.

The index finished the day down 21.9 percent from its August 29 record closing high, exceeding the 20 percent decline considered the threshold for a bear market. The Nasdaq skidded 195.41 points, or 3 percent, to 6,332.99.

Investors fear a recession is coming, and barring huge gains during the upcoming holiday period, when trading is usually quiet, this will be the worst December for stocks since the 1930s.

The US stock market has finished a week-long downward spiral that has many investors fearing a recession is on the way.

The three main Wall Street indexes are already in correction territory, having fallen more than 10 percent from their record closing highs.

After steady gains through the spring and summer, stocks have fallen sharply in the fall as investors worry that global economic growth is cooling off and that the USA could be headed for a recession in the next few years.

The S&P 500 fell 7% for the week.

The Russell 2000 is down 243.43 points, or 15.9 per cent.

Stocks are opening higher on Wall Street as the market steadies following two days of steep drops.

In the cash market, the benchmark S&P 500 Index settled at 2467.42, down 39.54 or -1.58%.

After steady gains through the spring and summer, stocks have slumped in the fall as investors worry that global economic growth is cooling off. Benchmark U.S. crude fell 4.5 percent to $46.02 a barrel in NY. Brent crude, the standard for worldwide oil prices, fell 1 percent to $53.82 a barrel in London.

The Dow Jones Industrial Average climbed 120 points, or 0.5 percent, to 22,967.

For the second day in a row, more than 2,600 New York Stock Exchange and Nasdaq-listed stocks hit 52-week lows.

Health care companies and consumer products makers had some of the biggest losses in early trading Thursday. Heating oil fell 1 percent to $1.73 a gallon.

-Gold lost 0.8 percent to $1,258.10 an ounce and silver fell 1.1 percent to $14.70 an ounce.

Nike rose sharply Friday after reporting a strong quarter, but other companies fell. The Nasdaq plunged 8.4% on the week, its worst since November 2008.

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