The Dow Jones Industrial Average closed Friday with a loss of more than 500 points, falling 1.6 percent to finish its worst week of losses since 2020.
The Dow finished this week down 3.5 percent, its steepest five-day loss since October. The S&P 500 index closed with a loss of 1.3 percent Friday and the Nasdaq closed down 0.9 percent.
While all three indexes are still well above their starting points in 2021, the three consecutive days of losses have brought them below record highs set earlier this year.
Stocks have fallen steadily since Wednesday after the Federal Reserve upgraded its median projection of annual inflation to 3.4 percent from 2.4 percent.