Stocks hit a rut this week after coming out of the gates strong in 2018.
The Dow Jones industrial average, S&P 500 and Nasdaq composite posted their biggest weekly losses since early 2016. The Dow and S&P 500 fell 4.1 percent and 3.9 percent, respectively, for the week, while the Nasdaq lost 3.53 percent. Pointswise, the Dow lost 1,096 points this week.
In 2016, the Dow lost 6.2 percent in the week of Jan. 8, while the S&P 500 dropped 5.9 percent that week. The Nasdaq pulled back 5.4 percent the week of Feb. 5.
The Dow posted its worst day since June 2016. The S&P 500 and Nasdaq had their biggest one-day fall since September 2016 and August 2017, respectively.
The major indexes also snapped four-week winning streaks and are now at least 3.5 percent below all-time intraday highs set earlier in the year. The Dow and S&P 500 also closed at three-week lows, while the Nasdaq finished at its lowest level in more than two weeks.
Stocks kicked off the year trading sharply higher, as investors cheered strong global economic growth and better-than-expected corporate earnings.
But Wall Street grew jittery this week as concerns about rising inflation sent interest rates higher. The benchmark 10-year Treasury yield hit its highest level in four years Friday.