US stocks suffered their worst week in more than a year, as weak economic data and cautious commentary from central bankers added to investor concerns over a possible economic slowdown.
Wall Street’s benchmark S&P 500 dropped 1.7 per cent on Friday, bringing its loss for the week to 4.2 per cent — its worst weekly drop since March 2023.
Large tech stocks were particularly badly hit, and the tech-dominated Nasdaq Composite had its sharpest weekly fall since January 2022, dropping 5.8 per cent, including a 2.6 per cent fall on Friday.
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