Wall Street trading closed lower than expected by the end of the week after a report showed inflation is slowing. It wasn't slowing as much as investors had hoped.
The weakness in the market came after the U.S. government released a report showing how prices at the wholesale level were 7.4% higher in November than a year earlier.
It's a slowdown compared to October, but worse than economists expected.
High inflation, along with the Federal Reserve's economy-crunching response to it, have been the main reasons for the stock market's painful tumble this year.
By Friday:
- The S&P 500 fell 0.7% Friday, marking its first losing week in the last three.
- The Dow Jones Industrial Average fell 305.02 points, or 0.9%, to 33,476.46.
- The Nasdaq fell 77.39 points, or 0.7%, to 11,004.62.
- The Russell 2000 index of smaller companies fell 21.63 points, or 1.2%, to 1,796.66.
Overall this week:
- The S&P 500 was down 137.32 points, or 3.4%.
- The Dow was down 953.42 points, or 2.8%.
- The Nasdaq was down 456.88 points, or 4%.
- The Russell 2000 was down 96.18 points, or 5.1%.
Overall this year:
- The S&P 500 was down 831.80 points, or 17.5%.
- The Dow was down 2,861.84 points, or 7.9%.
- The Nasdaq was down 4,640.35 points, or 29.7%.
- The Russell 2000 was down 448.65 points, or 20%.
