Stocks Posted Biggest Weekly Loss Since August

U.S. stocks closed sharply lower on Friday, ending their worst week since August, as plunging crude oil prices compounded investor nervousness ahead of the first U.S. interest rate hike in nearly a decade, expected Dec. 16. The Dow Jones Industrial Average fell 309.54 points, or 1.76%, to 17,265.21 and recorded a 3.3% decline over the week. The S&P 500 fell 39.86 points, or 1.94%, to 2,012.37 and posted a 3.8% loss over the week. The Nasdaq Composite dropped 111.71 points, or 2.21%, to 4,933.46. The tech-heavy index fell 4.1% over the week.

The outlook for consumer spending, which accounts for more than two-thirds of economic activity, got a lift from other data on Friday showing consumer sentiment nudged up in early December. Retail sales excluding automobiles, gasoline, building materials and food services increased 0.6 percent after gaining 0.2 percent in October, the Commerce Department said.

Consumer sentiment rose for a third straight month, as measured by the closely watched University of Michigan confidence index. The measure hit 91.8, up 0.5 point, in the preliminary December reading.

AstraZeneca PLC is in advanced talks to pay more than $5 billion for little-known biotech company Acerta Pharma BV and its promising cancer compound, according to people familiar with the matter, in the U.K. drugmaker’s latest effort to rebuild its pipeline.

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