The three main “Wall Street” indices incurred their biggest weekly losses in 2023 so far, as investors prepare for the possibility of the US Federal Reserve taking more interest-raising measures after economic data indicated the strength of consumer spending in the largest economy in the world.
And US indices fell sharply during the last trading sessions last week, Friday, after US data showed that the personal consumption expenditures index, which is the US Federal Reserve’s preferred measure of inflation, rose by 0.6 percent last month, after it increased by only 0.2 percent in the previous month. December.
Consumer spending, which accounts for more than two-thirds of US economic activity, jumped 1.8 percent last month, beating expectations for a 1.3 percent increase.
stock movements
US indices recorded weekly declines hovering around 3 percent.
It is worth noting that the Dow Jones Industrial Average for leading stocks recorded its first weekly loss in five months, by 2.61 percent.
The index also ended the week’s last sessions, Friday, down by 1.02 percent, to reach the level of 32,816.92 points.
The “Standard & Poor’s 500” index fell in a week by 2.94 percent, to reach the level of 3970.04 points, after it declined in Friday’s trading by 1.05 percent.
The “Nasdaq” composite index recorded the largest weekly decline among the US indices, falling by 3.89 percent to the level of 11394.94 points, after falling by 1.69 percent in Friday’s trading.