Dow Erases Gains for the Year; Tumultuous Week Shatters Market Calm as Global Growth Fears Rattle Investors
Global stocks tumbled on Friday, dragging the Dow Jones Industrial Average into negative territory for 2014 and shaking the confidence that many investors had clung to despite lackluster growth around the world.</br></br>A wave of selling in the final hour of trading on Friday left the Dow at 16544.10, down 115.15 points, or 0.7%. The blue-chip index fell 466 points, or 2.7%, for the week, its worst weekly performance since August.</br></br>The Dow rose or fell at least 1% on three separate days, a sign of the stomach-churning worries now spreading through global financial markets.</br></br>As big U.S. companies begin reporting third-quarter results, many investors fear that some firms will say weakening foreign markets and the strengthening U.S. dollar held down sales and could hurt future performance.</br></br>Another problem: Because stock-price valuations are high, many investors believe low interest rates and inflation, strong earnings and steady economic growth are needed to keep pushing stocks higher overall.