NEW YORK—Another drop for stocks on Friday has Wall Street on track to close out its first losing week in the last six.
The S&P 500 was 0.7 percent lower in late trading, pulling back further from last week when it reached its highest level in more than a year. The Dow Jones Industrial Average was down 209 points, or 0.6 percent, at 33,737 with less than an hour remaining in trading. The Nasdaq composite was 1 percent lower.
Overseas markets also fell, while crude oil prices slipped amid worries that a stressed global economy may burn less fuel.
Europe’s economy appears to be weaker than expected, according to a preliminary report measuring manufacturing and services businesses. That’s adding to this week’s hesitance in markets, caused by a crank higher in interest rates by central banks around the world as they try to get high inflation under control. High rates drive down inflation by slowing the economy, which raises the risk of a recession….