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US Stocks' Dow Index Heads For Worst Week Since October 2020, Ahead of Rate Hike

© AP Photo / Eugene HoshikoA woman wearing a face mask to help curb the spread of the coronavirus walks past an electronic stock board showing Japan's Nikkei 225 and other Asian indexes at a securities firm in Tokyo Tuesday, Jan. 12, 2021.
A woman wearing a face mask to help curb the spread of the coronavirus walks past an electronic stock board showing Japan's Nikkei 225 and other Asian indexes at a securities firm in Tokyo Tuesday, Jan. 12, 2021. - Sputnik International, 1920, 16.09.2022
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NEW YORK (Sputnik) - Fears of a third outsized rate hike in a row sent US stocks tumbling on Friday, with the broad-based Dow index headed for its worst week in almost two years.
The Dow Jones Industrial Average, which comprises stocks of 30 large US corporations, was down 4.81% on the week some 40 minutes after the market’s open. That was the largest weekly slide on the Dow since the week to October 30, 2020, when it fell 6.47%.
The S&P 500 Index, which represents the top 500 US stocks, was 4.1% lower on the week. The Nasdaq Composite Index, which comprises marquee names in technology such as Amazon, Apple, Netflix and Google, was down 6.3% on the week. Stocks plunged this week ahead of a third rate hike of 75 basis points expected from the Federal Reserve when it meets on September 21.
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