Global stock markets end week in a slump over fears of U.S. recession
Stocks tumbled Friday on worries the U.S. economy could be cracking under the weight of high interest rates meant to whip inflation.
The S&P 500 fell 1.8 per cent on Friday for its first back-to-back loss of at least one per cent since April. The Dow Jones industrial average lost 1.5 per cent, and the Nasdaq composite fell 2.4 per cent.
Canada’s main stock index, the S&P/TSX composite, fell 2.1 per cent on Friday as major energy, technology and industrial stocks all tumbled, marking its steepest drop since mid-February.
A report showing hiring by U.S. employers slowed last month by much more than economists expected sent fear through markets, with both stocks and bond yields dropping sharply.
It followed a batch of weaker-than-expected…
