Although the stock market bounced on Friday, the week ended in the red. The S&P 500 closed the week down 5.8%, the Dow Jones Industrial Average slipped under the 30,000 mark, down 4.8% for the week, and the Nasdaq Composite lost 4.8%. The weekly performance of the major stock market indices is raising concerns.
The poor performance can be primarily attributed to the Fed’s recent interest rate hike. The central bank raised interest rates by 75 basis points, ending weeks of speculation. This marks the most aggressive rate hike since 1994.
