Dow suffers worst week since 2008 financial crisis

The Dow Jones Industrial Average fell over 1,500 points this week, including a 400-point drop on Friday alone, in what CNBC called the worst weekly performance since the 2008 global financial crisis.
Markets reeled this week as the Federal Reserve raised interest rates, while investors were also rattled over a potential government shutdown and the resignation of Defense Secretary James MattisJames Norman MattisTrump insulted UK's May, called Germany's Merkel 'stupid' in calls: report Mattis urges people to wear masks in PSA about 'nasty little virus' Dozens of GOP ex-national security officials to form group to back Biden: report MORE.
The NASDAQ, another major stock index, fell into a bear market, posting a drop of 22 percent since its peak in August. The index fell more than 8 percent this week alone.
With Friday's close, stocks remained in the red for the year. Both the Dow and the S&P 500 closed more than 9 percent below their opening value at the start of the year.
December is traditionally a strong month for stocks, but are headed this month to its worst stock performance in December since 1931, during the Great Depression.
Markets are expecting a slowing economy in the coming year. The Federal Reserve projected that economic growth would top out at 3 percent this year, and decelerate to 2.3 percent next year.