Stocks slip as rate worries overshadow big bank profits
Stocks on Wall Street dipped as worries about interest rates offset an encouraging start to earnings reporting season for big U.S. companies NEW YORK -- Stocks on Wall Street dipped Friday as worries about interest rates overshadowed an encouraging start to earnings reporting season for big U.S. companies. The S &P 500 fell 8.58 points, or 0.2%, to 4,137.64 after giving up an early gain. The Dow Jones Industrial Average lost 143.22, or 0.4%, to 33,886.47, while the Nasdaq composite sank 42.81, or 0.4%, to 12,123.47. The S &P 500 still squeezed out a fourth winning week in the last five, built in part on hopes the Federal Reserve may soon end its barrage of rate hikes as inflation cools. High interest rates can stifle inflation but only by slowing the economy, raising the risk of a recession and dragging on prices for investments. A top Fed official dampened those hopes Friday after saying inflation remains far too high and more tightening may be needed. Christopher Waller, a m...