U.S. stocks fell for the fourth straight session on Friday, leaving indexes with the biggest weekly losses in months. The Dow dropped 163 points to 17,569, recording a 2.9% weekly loss.
The S&P closed 23 points lower at 2,080, booking a 2.2% weekly loss. The weekly decline for the benchmark was the steepest since March. The Nasdaq dropped 58 points to 5,089, ending the week with a 2.3% weekly loss. The tech-heavy index retreated from its record closing level set on Monday.
Investors are fleeing commodities. The prices of raw materials from oil and gold to copper, cotton and sugar tumbled, underscoring an aversion to commodity investments as the Federal Reserve prepares to raise interest rates for the first time in nearly a decade.
Propane is tanking. The US benchmark price for the gaseous byproduct of oil production has plunged 18% this year. Driving this selloff is a supply glut that some analysts said could keep prices subdued for years. Production of propane has surged to an all-time high amid a boom in US energy production. This month, propane prices have tumbled to a 13 year low.
Listen in for much more in the Wall Street Wrap-up.
