Dow Droped More Than 350, Stocks Lower for Week

U.S. stocks closed sharply lower on Friday as investors weighed low oil and economic data in the aftermath of the Federal Reserve’s rate hike Wednesday. The Dow Jones Industrial Average dropped 367.29 points, or 2.10%, to 17,128.55 and booked a 0.8% loss over the week. The S&P 500 fell 36.34 points, or 1.78%, to 2,005.55 and ended the week 0.3% lower. The Nasdaq Composite was down 79.47 points, or 1.59%, to 4,923.08 and fell 0.2% for the week.

Oil futures settled lower on Friday after data revealed a climb in the number of active U.S. oil rigs for the first time
in five weeks. January West Texas Intermediate crude fell 22 cents, or 0.6%, to settle at $34.73 a barrel on the New York Mercantile Exchange.

Anheuser-Busch InBev NV said Friday it reached an agreement to acquire Arizona’s Four Peaks Brewing Co., the sixth brewery to join the mega beer company’s craft and import brands business.

The Securities and Exchange Commission and the Commodity Futures Trading Commission announced joint enforcement actions Friday against two J.P. Morgan Chase wealth-management subsidiaries for failure to disclose conflicts of interest to clients.

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