*U.S. STOCKS TUMBLE ON FRIDAY AS WALL ST HEADS FOR BIG WEEKLY LOSS ON RATE FEARS - $DIA $SPY $QQQ 🇺🇸🇺🇸
- Wall Street closed well down on Friday, dragging all three main stock indexes to their biggest weekly drop of 2023, as investors braced for the possibility of more aggressive rate hikes from the U.S. Federal Reserve as U.S. economic data pointed to resilient consumers.Dow Jones Industrial AverageAfter a strong January, stocks have retreated this month as a slew of economic data amplified worries that the U.S. central bank might have to keep rates higher for longer.
"The headline and core PCE numbers were well above expectations. What worries us most is that the data since the last Fed meeting has been extremely strong," said Gene Goldman, chief investment officer at Cetera Investment Management. Traders of futures tied to the Fed's policy rate added to bets of at least three more rate hikes this year, with the peak rate seen in the range of 5.25%-5.5% by June.
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