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The Dow Jones Industrial Average fell 403.89 points Friday, but ended the week ahead after Thursday's 800-point gain. File Photo by John Angelillo/UPI | <a href="/News_Photos/lp/93a4dbae0a5e950f5f103b388088edbc/" target="_blank">License Photo</a>
The Dow Jones Industrial Average fell 403.89 points Friday, but ended the week ahead after Thursday’s 800-point gain. File Photo by John Angelillo/UPI | License Photo

Oct. 14 (UPI) — U.S. stocks ended down Friday, putting a quick end to Thursday’s rally as concerns about the economy continue to roil markets.

The Dow Jones Industrial Average fell 403.89 points, or 1.34%, to close at 29,634.83. The S&P 500 dropped 86.84 points, of 2.37% to 3,583.07 and the Nasdaq Composite slid 327.76 points, or 3.08%, to 10,321.39.

The three major U.S. indexes ended with mixed results for the week amid ongoing volatile trading. The Dow ended the week ahead after Thursday’s 800-point gain, while the S&P 500 and Nasdaq were down for the week.

Stocks tumbled after early results of a University of Michigan survey published Friday showed that consumer sentiment edged up in October to 59.8, up from 58.6 in September. Expected year-ahead inflation rose to 5.1%.

“Sentiment is now 9.8 points above the all-time low reached in June, but this improvement remains tentative, as the expectations index declined by 3% from last month,” Joanne Hsu, director of surveys of consumers at the University of Michigan, said in a statement.

Final data will be released Oct. 28.

Inflation expectations are driving wild swings in the markets as investors eye the Federal Reserve’s ongoing efforts to raise its benchmark federal funds rate to fight inflation.

On Thursday, the Labor Department reported higher-than-expected consumer price index for September showing a 0.4% increase in inflation for the month and 8.2% from the year before.

“With core CPI still moving in the wrong direction and the labor market strong, the conditions are not in place for a Fed policy pivot, which would be one of the conditions for a sustained rally in the equity market,” UBS global wealth management chief investment officer Mark Haefele said, according to CNBC.

Retail sales were flat in September and up 8.2% for the year, the Census Bureau reported Friday.

Tesla was among Friday’s biggest losers as consumer demand for automobiles falls and CEO Elon Musk is mired in controversy over his purchase of Twitter. Shares of the company fell 7.55%, contributing to a 40% year-to-date decline.

Oil prices also fell, with West Texas Intermediate dropping 3.93% to $85.61 per barrel on Friday and Brent crude sliding 3.11% to $91.63 per barrel.

The 10-year Treasury yield rose above 4% for the second time in two days.

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