Dow posts 1,000-point drop Friday after Powell warns of pain for households, businesses

The Dow skid 1,008 points on Friday, marking its biggest pullback in more than three months, as stocks sold off sharply after Federal Reserve Chairman Jerome Powell warned of the pain to households and businesses to come as the central bank works to bring inflation back to its 2% target. The Dow Jones Industrial Average
DJIA,
-3.03%
tumbled into the closing bell, shedding about 1008 points, or 3%, ending near 32,283, its worst daily percentage decline since May 18, according to Dow Jones Market Data. The S&P 500 index
SPX,
-3.37%
shed 3.4%, while the Nasdaq Composite Index
COMP,
-3.94%
fell 3.9%. All three equity benchmarks finished in the red for the second week in a row.