Wall Street’s losses deepened as the ongoing fallout from the war in Iran keeps pushing oil prices higher, ratcheting up inflationary pressure on the global economy.
After briefly easing early Friday, crude oil prices rose again, bringing the benchmark oil price back above $100 a barrel.
The S&P 500 fell 0.6%. The Dow Jones Industrial Average lost 0.3% and the Nasdaq composite dropped 0.9%.
A measure of inflation closely monitored by the Federal Reserve moved higher in January, even before the war with Iran sent energy prices higher.
On Friday:
The S&P 500 fell 40.43 points, or 0.6%, to 6,632.19.
The Dow Jones Industrial Average fell 119.38 points, or 0.3%, to 46,558.47.
The Nasdaq composite fell 206.62 points, or 0.9%, to 22,105.36.
The Russell 2000 index of smaller companies fell 8.94 points, or 0.4% to 2,480.05.
For the week:
The S&P 500 is down 107.83 points, or 1.6%.
The Dow is down 943.08 points, or 2%.
The Nasdaq is down 282.32 points, or 1.3%.
The Russell 2000 is down 45.25 points, or 1.8%.
For the year:
The S&P 500 is down 213.31 points, or 3.1%.
The Dow is down 1,504.82 points, or 3.1%.
The Nasdaq is down 1,136.63 points, or 4.9%.
The Russell 2000 is down 1.86 points, or 0.1%.