U.S. stocks fell sharply on Friday as investors weighed a bevy of corporate earnings and braced for more aggressive interest rate hikes from the Federal Reserve in coming months.
The S&P 500 tumbled 1.9%, while the Dow Jones Industrial Average plunged 580 points, placing both major indexes at a five-week low. The tech-heavy Nasdaq Composite declined 1.9%. Meanwhile, the 10-year U.S. Treasury yield remained at 2.9%, the highest level since December 2018.
The losses follow remarks from Fed Chair…
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