US stocks wrap up week with great losses
(MENAFN) US stock markets closed the week with steep declines, while the Volatility Index (VIX) — often called the "fear index" — spiked 23%, driven by intensifying friction between President Donald Trump and Federal Reserve Chair Jerome Powell.
The Dow Jones Industrial Average dropped 1.23% (542.4 points) to end at 43,588.58. The Nasdaq fell 2.24% (472.32 points) to 20,650.13, and the S&P 500 lost 1.6% (101.38 points), closing at 6,238.01. The VIX climbed sharply to 20.55 as of 2012 GMT, signaling growing investor anxiety.
Following the Fed’s decision on Wednesday to hold interest rates steady, Trump lashed out at Powell, labeling him "too late, too angry, too stupid, and too political" to be leading the central bank. A day later, Trump called on the Fed board to "take control" and act decisively.
In response to criticism and confusion, two Federal Reserve officials issued public statements Friday defending their support for a rate cut during this week’s meeting. Meanwhile, Fed Governor Adriana D. Kugler submitted her resignation the same day.
Additionally, Trump reiterated his accusation that the Labor Department's job growth figures were manipulated, calling them politically biased. He announced that he had fired the head of the department’s statistics division following a report showing significant job growth shortfalls.
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