major us stock indexes closed mixed friday but finished a turbulent week sharply lower on fears that high inflation and tighter financial conditions could derail the economy the dow jones industrial average dija fell about 40 points or 01 closing near 29886 and booking at 48 weekly decline the sp 500 index spx rose 02 friday but fell 58 for the week while the nasdaq composite index comp gained 14 friday and shed 48 for the week the sp 500 officially entered a bear market this week while all three indexes booked a thirdstraight week of losses according to dow jones market data the brief rally for stocks after the federal reserves 75 basis point rate hike on wednesday its largest in nearly three decades gave way to sharp selling on mounting fears about the us economy landing in a recession as the central bank looks to cool inflation by raising rates to nearly 4 by the end of 2023 and by reducing its near 9 trillion balance sheet