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A rally at the start of the year has given way to worries on Wall Street about economics and geopolitics.
S&P 500
By Joe Rennison
Stocks suffered their longest losing streak of the year, as geopolitical turmoil rattled Wall Street and investors slashed their bets on the Federal Reserve cutting interest rates any time soon.
The S&P 500 fell 0.9 percent on Friday, its sixth consecutive decline, marking its worst run since October 2022.
The slide dragged the S&P 500 down by just over 3 percent for the week, a third straight weekly decline. By that measure, it is the longest weekly losing streak for the index since September, when concerns over rising government debt and a potential government shutdown compounded worries about the effects of high interest rates.
Those fears dissipated toward the end of last year as inflation cooled and investors began to bet that the Fed would soon cut rates, prompting a ferocious stock rally in the first three months of 2024.
But this month, worries that stubborn inflation would lead the Fed to keep rates high have returned, compounded by the widening conflict in the Middle East, with Israel striking Iran early on Friday.
“It’s clearly bleak,” said Andrew Brenner, head of international fixed income at National Alliance Securities.
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