June 17 (UPI) — A downward market trend slowed somewhat Friday after steep declines earlier in the week, but all three major U.S. indices were in the negative for the week.
The Dow Jones Industrial Average fell 0.13% or 38.29 points, ending the day at 29,888.78.
The S&P 500 was up 0.22%, while the Nasdaq Composite climbed 152.25 points, or 1.43%, to 10798.35. Overall, the S&P 500 ended the week in the red 5.8% for the week, its worst week since 2020. All 11 of its sectors were more than 15% below their recent highs for the week.
The S&P’s oil producers were down. Exxon Mobile dropped 5.68% and Chevron fell 4.68%.
Crude oil dropped significantly for the first time this week — West Texas Intermediate Light crude fell 6.58% and dropped below $110.00 per barrel.
Investor fears over a potential economic slowdown contributed to the week-long selloff, and worries that the slowdown could negatively impact the demand for energy.
This comes after the Federal Reserve hiked key interest rates by 0.75% Wednesday, in a widely-expected move to curb historic inflation.
Tech stocks rebounded slightly after a down day. Apple climbed 1.15%, Google parent company Alphabet Inc. was up 1.12% and 1.10%.
Shares of American Express, Boeing and Salesforce all rebounded after ending Thursday in the red. Boeing climbed 2.58%, Salesforce was up 2.04% and American Express gained 4.88%.