Stocks Closed Sharply Lower amid Economic Woes

U.S. stocks closed sharply lower on Friday, leaving indexes with the biggest weekly losses in months, as signs of slower global growth weighed on sentiment. The Dow Jones Industrial Average dropped 163.39 points, or 0.92%, to 17,568.53, recording a 2.9% weekly loss. The S&P 500 was down 22.50 points, or 1.07%, to 2,079.65, booking a 2.2% weekly loss. The Nasdaq Composite fell 57.78 points, or 1.12%, to 5,088.63, ending the week with a 2.3% weekly loss.

Stocks in the energy and materials sectors weighed heavily on the market after weaker-than-expected economic data from China and the euro zone raised concerns about global growth. Oil prices hit their lowest since March.

The Federal Reserve has accidentally released staff forecasts revealing a dovish view of the US economic outlook. The central bank on Friday acknowledged it had inadvertently released confidential staff projections that were used in the Federal Open Market.

The No. 2 U.S. wireless carrier AT&T Inc and the biggest satellite-TV provider DirecTV became the country’s largest pay-TV company on Friday, completing their $48.5 billion merger after receiving final regulatory approval.

Fiat Chrysler Automobiles recalled 1.4 million vehicles for a software update. The automaker said the hack appeared to be an isolated incident that could not be easily repeated. The coding for the hack required extensive technical knowledge of the vehicle.

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