NEW YORK (AP) — Another climb for oil prices sent the U.S. stock market sharply lower, as hopes collapsed for a possible cut to interest rates by the Federal Reserve. The S&P 500 fell 1.5% Friday to close its fourth straight losing week. The Dow Jones Industrial Average dropped 1%, and the Nasdaq composite sank 2%. The losses deepened after oil prices erased an early loss and accelerated in the afternoon. Treasury yields jumped as traders speculated the Fed won’t be able to cut rates this year because of how high oil prices have climbed.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows…