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US stocks tumbled on Friday, with the Dow Jones Industrial Average suffering its worst one-day fall since October 2020, due to corporate earnings and the Federal Reserve’s plans to raise interest rates.
All the three major Wall Street indices traded in red as the Dow fell 981.36 points, or 2.8%, to 33,811.40.
The S&P 500 was plunged 2.8% at 4,271.78, for its worst day since March, while the Nasdaq Composite declined by 2.6% to 12,839.29.
Healthcare stocks slump
Healthcare stocks underperformed after reporting downbeat quarterly results as HCA Healthcare (NYSE: HCA) slumped 21.8% on Friday while Tenet Healthcare (NYSE: THC), Community Health Systems (NYSE: CYH) and Universal Health Services (NYSE: UHS) also posted losses. The S&P 500’s healthcare sector fell 3.6%, its worst day since June 2020.
S&P 500 and Nasdaq reported weekly losses for the third week in a row while the Dow Jones posted its fourth weekly decline in a row.
For the week, Dow dropped 1.9%, while S&P and Nasdaq declined 2.8% and 3.8% respectively.
"It's not very common, over the course of my time doing this job, for the market to move 2% in either direction and to think 'there's not too much to read into that'," said Craig Erlam, senior market analyst at OANDA, reported Reuters.
"That's not normal, but that's just how things have been for such a long time now."
Picture Credits: Reuters
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