Markets Right Now: Stocks wobble after two days of drops

Asian stocks sink for 2nd day after Wall Street slide

Stocks were down Thursday as the market reacted to fallout from the Federal Reserve's interest rate hike and concerns over a potential government shutdown.

The Dow closed 414 points, or 1.8%, lower on Friday.

For the day, the Nasdaq index fell nearly 3%, the S&P 500 tumbled more than 2%, and the Dow slid 1.8%.

However, selling set in by afternoon with some of the major technology firms - that led the market's rally earlier this year - experiencing some of the most bruising falls. An immediate sell-off followed the announcement, with the Dow falling by more than 500 points during Fed Chairman Jerome Powell's press conference.

After a sharp early gain Friday, the S&P 500 index retreated 50.84 points, or 2.1 percent, to 2,416.58.

At 12:59 p.m. ET, the S&P 500 was down 24.51 points, or 0.99 percent, at 2,442.91. Both the Dow and the S&P are on pace for their worst December since the Great Depression in 1931. Markets tend to move, however, on what investors anticipate will happen further out.

The possibility of a partial shutdown of the federal government also loomed over the market on Thursday, as funding for the government runs out at midnight Friday.

Shutdown Stalemate as House Plugs Border Wall Funds Back Into CR
Pelosi and Senate Minority Leader Chuck Schumer of NY have made it clear they will not support money for Trump's wall. The partial government shutdown could begin, or lawmakers could work to find a solution that Trump finds acceptable.

Williams' comments come after the Fed said on Wednesday it would largely stick to its plan to keep raising interest rates, spooking investors already grappling with mounting evidence of slowing growth and triggering the slide on Wall Street.

The US stock market has finished a week-long downward spiral that has many investors fearing a recession is on the way. The Nasdaq composite shed 168 points, or 2.5 percent, to 6,468.

Wren said investors felt Fed Chairman Jerome Powell came off as unconcerned about the state of the US economy and fears that the economy could not just slow down, as expected, but go into a recession in 2019 or 2020. The Dow fell 464.06 points, or 2 percent, to 22,859.60 after sinking as much as 679. Benchmark U.S. crude fell 4.8 percent to $45.88 a barrel in NY, and it has dropped 40 percent since early October.

Benchmark 10-year Treasury notes last rose 2/32 in price to yield 2.783 percent, from 2.789 percent late on Thursday.

The technology index sank 1.54 percent, while communication services, which houses high-growth names such as Facebook Inc and Alphabet Inc, dropped 2.2 percent.

As recently as October, yields had been at a seven-year high of 3.261 percent.

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