Stocks fall, Dow has worst week of year
NEW YORK – Stocks ended a tough week on a down note Friday, hurt by retailers and companies that are sensitive to rising interest rates. The Dow Jones industrial average had its worst week of the year.
The Dow edged down 30 points, or 0.2 percent, to close at 15,081. The Standard & Poor’s 500 index fell five points, or 0.3 percent, to 1,655. The Nasdaq eased three points, or 0.09 percent, to 3,602.
The possibility of a cutback in the Federal Reserve’s massive bond-buying program in September has roiled the bond market. The 10-year Treasury note rose to 2.83 percent, its highest level since July 2011. A week ago, the yield was 2.58 percent.
Shares of utilities and telecommunications companies, which typically perform poorly in a higher interest-rate environment, closed broadly lower.