Economics
Stocks Plunge to Cap Worst Week Since March: Markets Wrap
- Payrolls and wages rise by less than forecast in November
- Crude oil gain after OPEC ministers agree to output cuts
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U.S. stocks plunged, capping the worst week for the S&P 500 Index since March, as the Trump administration pressed its trade war with China and the latest batch of economic data added to concern that growth has peaked. Oil rose after OPEC agreed to cut output.
The Dow Jones Industrial Average shed over 500 points Friday, bringing its decline in the abbreviated trading week to over 1,000. The S&P finished the week down 4.6 percent. The trade outlook appeared to take a negative turn after Huawei Technologies’s chief financial officer was charged with conspiracy and the U.S. alleged the company violated sanctions. The Federal Reserve’s Lael Brainard struck a hawkish tone in comments at a conference.