Another day of big losses left the stock market with its worst weekly drop in more than seven years. The benchmark S&P 500 index ended a brutal week down 7% Friday, led by big drops in former market favorites like Facebook and Amazon. The S&P fell 50 points, or 2.1%, to 2,416. The Dow Jones Industrial Average fell 414 points, or 1.8%, 22,445. The Nasdaq fell 195 points, or 3%, to 6,332.
Major US indexes are now 16% to 26% below the peaks they reached in the summer and early fall, according to the AP. Investors fear a recession is coming, and barring huge gains during the upcoming holiday period, when trading is usually quiet, this will be the worst December for stocks since the 1930s.
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