US stocks have suffered the worst streak of weekly losses in more than a decade after days of tumultuous trading surrounding the Federal Reserve’s decision to raise interest rates by half a percentage point.
The Nasdaq Composite, chock full of interest-rate sensitive tech stocks, slipped 1.4 per cent on Friday after another whipsaw trading session while the S&P 500 fell 0.6 per cent. Benchmark Treasury yields that underpin borrowing costs across the globe moved higher.
The stock market moves meant both indices lost ground over the full week, each notching their fifth straight week of declines. That represents the worst streak since June 2011 for the S&P 500 and November 2012 for the Nasdaq, when markets were being pummelled by the eurozone debt crisis and the aftermath of the global financial crash.