NEW YORK (Reuters) – World stocks on Friday closed out their steepest weekly slide since the pandemic meltdown of March 2020, as investors worried that tighter monetary policy by inflation-fighting central banks could damage economic growth.
The U.S. Federal Reserve’s biggest rate hike since 1994, the first such Swiss move in 15 years, a fifth rise in British rates since December and a move by the European Central Bank to bolster the indebted south all took turns roiling markets.
The Bank of Japan was the only outlier in a week where money prices rose around the world, sticking on Friday with its strategy of pinning 10-year yields near zero.
After sharp early losses, world stocks steadied somewhat to ending Friday’s session down by just 0.12%. The weekly slide of 5.8% was the steepest since the week of March 20, 2020.
Wall Street’s Dow Jones Industrial Average slipped 0.13%, the S&P 500 added 0.22%, and the Nasdaq Composite jumped 1.43%.
For the week, the S&P 500 dropped 5.8%, also its biggest fall since the third week of 2020.
Click here to read more.