Wall Street: Dow Loses 186 Points, Nasdaq and S&P Also Down
(NEW YORK) -- Stocks ended the week on a sour note. The Dow fell 186 points to finish the week at 15,451, the Nasdaq was down 14 points and closed at 3,775, and the S&P 500 closed down 12 points at 1,710. After setting its 31st record-high of the year on Wednesday, Wall Street’s good vibes didn’t last.
Many investors are concerned that dysfunction and fighting in Washington, D.C., will lead to a government shutdown. Investors are also worried that Congress and the White House won’t be able to come to terms on agreement about the approaching debt ceiling.
Hurting stocks Friday were comments from St. Louis Federal Reserve President James Bullard. He hinted that the Fed, as soon as next month, could start pulling back on its $85 billion bond buying program.
Despite the sharp drop Friday, all of the markets’ major averages finished higher for the week – the third straight week of gains. One of the biggest losers of the day Friday was BlackBerry, which announced late in the session that it will slash 4,500 jobs and post a much wider loss than expected. BlackBerry shares finished the day down 17 percent. The stock has now dropped more than 80 percent in the last three years.
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