(MENAFN- Baystreet.ca) Markets Resume Downward Trek
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Stocks tumbled on Friday as Wall Street's summer rally faltered and rate hike fears resurfaced, leading the major averages to end the week on a sour note.
The Dow Jones Industrials decreased 292.30 points to 33,706.74.
The S&P 500 dropped 55.26 points, or 1.3%, to 4,228.48.
The NASDAQ Composite tumbled 260.13 points, or 2%, to 12,705.22.
For the week, the S&P 500 edged 1.2% lower, while the Dow slipped 0.2%. The tech-heavy NASDAQ closed out the week down 2.6%.
In other news, Bed Bath & Beyond shares cratered more than 40% after Ryan Cohen dumped his entire stake in the retailer. The move seemed to dampen sentiment among meme stock traders who have bet big on the stock in recent months.
Meanwhile, about a $2-trillion notional value worth of options contracts expired on Friday. Options expirations can add volatility to markets as some holders may be forced to move into their positions.
Treasury prices swooned, raising yields to 2.98% from Thursday's 2.88%. Treasury prices and yields move in opposite direction.
Oil prices lost 37 cents to $90.13 U.S. a barrel.
Gold prices fell $10.80 to $1,760.40 U.S. an ounce.
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