U.S. stocks nose-dived Friday, suffering their worst day since January as inflation worries grew and major banks experienced a disappointing start to earnings season.
The Dow Jones Industrial Average dropped 475 points (1.24%) to 37,983. The S&P 500 decreased by 75 points (1.46%) to 5,123, while the Nasdaq Composite fell 267 points (1.62%) to 16,175.
The troublesome day capped an even more disturbing week, which saw the broad market index drop 1.56% and the 30--stock Dow decline 2.37%. The tech-heavy Nasdaq declined 0.45% for the week.
In addition to stubborn inflation leading the way for Friday's downfall were subpar performances by major banks to start the first fiscal quarter of 2024. JP Morgan Chase shares dropped 6% on Friday alone after posting its earnings results.
Other major banks also turned in contrasting results. Wells Fargo fell 0.4%, while Citigroup dropped 1.7%.
Other contributing factors to Friday's declines included rising oil prices due to growing tensions in the Middle East, and mixed messages on the United States' ongoing battle with inflation.
