Stocks fell on Wall Street, while gold and silver prices plunged as investors tried to gauge what President Donald Trump’s new nominee to lead the Federal Reserve will mean for interest rates.
The S&P 500 dropped 0.4 percent after sinking as much as 1.1 percent earlier on Friday. The Dow Jones Industrial Average fell 0.4 percent, and the Nasdaq composite lost 0.9 percent.
The value of the U.S. dollar rallied but only after swiveling a couple times. Gold’s price dropped 11 percent, and silver plummeted more than 30 percent as tremendous rallies for both metals suddenly halted.
Treasury yields held relatively steady in the bond market.
On Friday:
The S&P 500 fell 29.98 points, or 0.4 percent, to 6,939.03.
The Dow Jones Industrial Average fell 179.09 points, or 0.4 percent, to 48,892.47.
The Nasdaq composite fell 223.30 points, or 0.9 percent, to 23,461.82
The Russell 2000 index of smaller companies fell 41.03 points, or 1.5 percent, to 2,613.74.
For the week:
The S&P 500 is up 23.42 points, or 0.3 percent.
The Dow is down 206.24 points, or 0.4 percent.
The Nasdaq is down 39.43 points, or 0.2 percent.
The Russell 2000 is down 55.42 points, or 2.1 percent.
For the year:
The S&P 500 is up 93.53 points, or 1.4 percent.
The Dow is up 829.18 points, or 1.7 percent.
The Nasdaq is up 219.83 points, or 0.9 percent.
The Russell 2000 is up 131.84 points, or 5.3 percent.
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