Stocks slump as Wall Street heads for another losing week

By STAN CHOE
AP Business Writer

NEW YORK (AP) — Stocks are slumping again on Friday as the sharp, recent surge for 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 1.8% lower in midday 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.