Risk Assets Swept Up in Rout as 'Fear Gauge' Soars: Markets Wrap

Risk Assets Swept Up in Rout as 'Fear Gauge' Soars: Markets Wrap

Stocks tumbled worldwide Friday on more signs the global economy is weakening, just as central banks raise the pressure even more with additional interest rate hikes. The S&P 500 fell 2% in afternoon trading, adding a dismal cap on what’s already been a rough week. It’s close to its low point of the year in mid-June. European stocks fell just as sharply or more after preliminary data there suggested business activity had its worst monthly contraction since the start of …