US stocks end week in red as fears of global recession climb

By Aysu Bicer

ANKARA (AA) – Major US stock indexes posted a fifth straight weekly decline on Friday amid fears over the global economic slowdown.

Markets remained cautious as the uncertainties driven by the Russia-Ukraine war and its effects on global growth continue to hit the market sentiments.

Meanwhile, the US economy added 428,000 jobs in April, above market estimates, and the unemployment rate remained unchanged at 3.6%, the Department of Labor announced on Friday.

The US dollar index on Friday has climbed to $104.06, its highest level in almost 20 years with worries of economic slowdown in the US economy, the Federal Reserve raising rates, and a major selloff in US stock exchanges.

Investors have been selling US stocks and liquidating their positions to turn towards the US dollar, which raises the value of the dollar index.

The Dow Jones Industrial Average slumped 98.60 points, or 0.30%, to 32,899 while the S&P 500 fell 23.53 points, or 3.57%, to 4,123.34.

The tech-heavy Nasdaq slid 173.03 points, or 1.40%, to 12,144.

The yield on 10-year Treasuries advanced eight basis points to 3.12%.

Global benchmark Brent crude was trading at $112.86 a barrel, up 1.76%, while US benchmark West Texas Intermediate (WTI) crude was at $110.49– a 2.1% gain.

Gold rose 0.27% to $1,880.80 an ounce and silver went up 0.35% to $22.37.