Markets Right Now: Stocks end miserable week down 7 per cent

NEW YORK – The latest on developments in financial markets (all times local):

4 p.m.

Another day of big losses is leaving the U.S. stock market with its worst weekly drop in more than seven years.

The benchmark S&P 500 index ended a brutal week down 7 per cent Friday, led by big drops in former market favourites like Facebook and Amazon.

Major U.S. indexes are now 16 to 26 per cent below the peaks they reached in the summer and early fall.

Investors fear a recession is coming, and barring huge gains during the upcoming holiday period, when trading is usually quiet, this will be the worst December for stocks since the 1930s.

The S&P 500 fell 50 points, or 2.1 per cent, to 2,416.

The Dow Jones Industrial Average fell 414 points, or 1.8 per cent, 22,445. The Nasdaq fell 195 points, or 3 per cent, to 6,332.

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11:45 a.m.

Stock indexes are meandering up and down in midday trading as the market steadies following two days of steep drops.

Nike rose sharply Friday after reporting a strong quarter, but other companies fell. Amazon gave up 2.8 per cent.

A series of sharp declines over the past week have left stocks headed for their worst monthly loss in nearly a decade. Major U.S. indexes are all down about 10 per cent in December.

The S&P 500 index rose 2 points, or 0.1 per cent, to 2,469.

The Dow Jones Industrial Average climbed 108 points, or 0.5 per cent, to 22,969. The Nasdaq fell 48 points, or 0.8 per cent, to 6,478.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.80 per cent.

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9:35 a.m.

Stocks are opening higher on Wall Street as the market steadies following two days of steep drops.

Companies that make and sell consumer goods were doing better than the rest of the market in early trading Friday.

Nike jumped 8.1 per cent after reporting strong quarterly results. Target also climbed 1 per cent.

A series of sharp declines have left stocks headed for their worst monthly loss in nearly a decade. Major U.S. indexes are all down about 10 per cent in December.

The S&P 500 index rose 8 points, or 0.3 per cent, to 2,476.

The Dow Jones Industrial Average climbed 120 points, or 0.5 per cent, to 22,967. The Nasdaq added 18 points, or 0.2 per cent, to 6,543.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.78 per cent.