U.S. stocks plunged in heavy trading Friday as enthusiasm over a long-awaited increase in interest rates faded. Bank stocks, which investors had bid up in hopes they would become more profitable as loan rates climbed, fell the most.
The Dow Jones industrial average skidded 367.29 points, or 2.1 per cent, to 17,128.55.
The Standard & Poor’s 500 index lost 36.34 points, or 1.8 per cent, to 2,005.55.
The Nasdaq composite dropped 79.47 points, or 1.6 per cent, to 4,923.08.
For the week:
The Dow fell 136.66 points, or 0.8 per cent.
The S&P slipped 6.82 points, or 0.3 per cent.
The Nasdaq shed 10.38 points, or 0.2 per cent.
For the year:
The Dow is down 694.52 points, or 3.9 per cent.
The S&P is down 53.35 points, or 2.6 per cent.
The Nasdaq is up 187.03 points, or 4 per cent.