The stock market place was hit difficult Friday, capping a third week of declines, as investors reacted to a steep drop in oil prices and a jump in the value of the dollar.
Utilities, firms that make simple components like steel, and main exporters had the biggest declines.
The selloff came at the finish of a volatile week and sets the stage for a Federal Reserve policy meeting next week. Investors will be watching closely for clues about the central bank’s views on the economy and interest rates.
“This week has definitely been about investors’ outlooks adjusting in the face of larger interest rates later this year,” mentioned Gabriela Santos, a international market place strategist at JPMorgan Funds.