Stocks decline for third week; interest rate worries persist
Source: AP-Excite
By KEN SWEET
NEW YORK (AP) — The stock market was hit hard Friday, capping a third week of declines, as investors reacted to a steep drop in oil prices and a jump in the value of the dollar.
Utilities, companies that make basic materials like steel, and major exporters had the biggest declines.
The sell-off came at the end of a volatile week and sets the stage for a Federal Reserve policy meeting next week. Investors will be watching closely for clues about the central bank's views on the economy and interest rates.
"This week has really been about investors' outlooks adjusting in the face of higher interest rates later this year," said Gabriela Santos, a global market strategist at JPMorgan Funds.
FULL story at link.
Traders gather at a post on the floor of the New York Stock Exchange, Friday, March 13, 2015. U.S. stocks are opening slightly lower a day after the market notched its best performance in five weeks. (AP Photo/Richard Drew)
Read more: http://apnews.excite.com/article/20150313/financial_markets-58720e7eeb.html
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