Dow drops more than 500 points on Fed fears

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Stocks fell on Friday, with the Dow Jones Industrial Average posting its biggest weekly drop since October amid fears the Federal Reserve will start raising interest rates sooner than previously expected. The Dow DJIA fell -1.58% by about 532 points, or 1.6%, to close near 33,291, according to preliminary figures. The blue-chip index fell 3.5% for the week, its biggest drop since it plunged more than 6% in the week ending October 30, according to FactSet. The S&P 500 SPX was down -1.31% by 55 points or 1.3% to close near 4,166, while the Nasdaq Composite was down -0.92% by 131 points or 0.9% to close near 14.030. The S&P 500 suffered a weekly decline of 1.9%, while the Nasdaq saw a loss of 0.3%.

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