(WBBM Newsradio) — Stocks got hammered Friday on Wall Street, with the Dow shedding more than 1,000 points, and even solid economic data coupled with strong corporate earnings couldn’t suppress fears of higher interest rates.
The S&P 500 lost 100, the NASDAQ fell 275 and the Dow Jones industrial average closed down more than 1,000 points, settling to 23,860.
“I think investors are still pretty nervous about the overall volatility of the market, and they are reassessing what risk is all about at this point,” says Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
“We’ve had very low volatility throughout the last two years and it seemed as though Wall Street was good with it until the employment report on Friday and then things kind of snowballed from there.”
He adds from and economic and earnings prospective, not much has really changed and sees this all as a Wall Street issue versus a Main Street issue.