That’s how many weeks it’s been since the S&P 500 had as bad a week as this last one, although promising results from a Merck COVID-19 pill boosted stocks to a Friday rebound.
The benchmark stock index closed at 4,357, falling 1.92% for the week, the biggest decline since February. Further signs that inflation may persist longer than expected, combined with other bad economic data, alarmed investors.
The index lost 4.8% in September, the biggest monthly loss since the pandemic hit in early 2020. But the market rallied to a better start in October, with the S&P 500 posting a 1.15% gain after drugmaker Merck announced positive trial results from a COVID-19 pill.
Have a question, comment, or story to share? You can reach Diccon at email@example.com.