Weekly Stock Market Update:
US stocks recorded their worst weekly decline since March 2020 amid the prospects of a recession.
The S&P 500 closed Friday at 3,674.79. The S&P 500 lost 5.8% this week, its biggest since March 2020.
The Nasdaq gained 1.4% on Friday. Although the Nasdaq index is still down 4.8% from the previous week.
Dow Jones also saw a big decline in the last 5 days. Dow Jones dropped 4.03% during last week's trading.
Crude oil prices declined. West Texas Intermediate futures fell below $109 a barrel to hit their one-month low.
According to market experts, the fall in major US indices last week is indicating a possible recession.
Let us tell you that the signs of an economic recession in America have been going on for months now.
Inflation remains at multi-decade highs even after the Federal Reserve's initial move to raise interest rates.
However, the interest rate hike by the Federal Reserve has had a positive effect on the US stock market.
On Friday, the S&P 500 gained 0.2% and the Nasdaq gained 1.4%. Dow Jones recorded a decline of just 0.13%.
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