NEW YORK—Another cold reminder that inflation remains hotter than hoped sent Wall Street skidding Friday, and stocks closed out their worst week since early December.
The S&P 500 fell 1.1 percent to cap its third straight weekly loss. The Dow Jones Industrial Average dropped as many as 510 points before closing down 336 points, or 1 percent, while the Nasdaq composite lost 1.7 percent.
Stocks have dropped through February as a stream of reports have shown everything from inflation to the job market to spending by shoppers is staying hotter than expected. That’s forced Wall Street to raise its forecasts for how high the Federal Reserve will have to take interest rates and then how long to keep them there….