Stocks fall sharply as Wall Street nears third losing week

By STAN CHOE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Stocks are tumbling on Friday as the sharp, recent surge in interest rates keeps weighing on Wall Street. Some disappointing profit reports from companies also shook what’s been the market’s main pillar of support. The S&P 500 was 2.4% lower in afternoon trading and on pace to close out a third straight losing week. A day earlier, Wall Street seemed set for healthy gains for the week after more companies reported strong profits for the start of the year. But markets buckled as the Federal Reserve indicated it may indeed hike rates by double the usual amount at upcoming meetings, starting in two weeks.