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The S&P 500 fell 1.3% to 4,204.36, and the Dow Jones Industrial Average was down 0.7% to 32,943.33. The Dow posted a fifth straight weekly loss — its longest losing streak since 2019. The Nasdaq Composite tumbled 2.2% to 12,843.81. Though all three indexes opened in the green, stocks took a turn after a new report showed U.S. consumer sentiment deteriorated more than expected in early March as consumers' inflation expectations soared to the highest since 1981. It is unclear who runs the account, although Russia's official Ministry of Foreign Affairs Twitter account promoted the Telegram channel on Saturday and claimed it was operated by "a group of experts & journalists." What distinguishes the app from competitors is its use of what's known as channels: Public or private feeds of photos and videos that can be set up by one person or an organization. The channels have become popular with on-the-ground journalists, aid workers and Ukrainian President Volodymyr Zelenskyy, who broadcasts on a Telegram channel. The channels can be followed by an unlimited number of people. Unlike Facebook, Twitter and other popular social networks, there is no advertising on Telegram and the flow of information is not driven by an algorithm. Friday’s performance was part of a larger shift. For the week, the Dow, S&P 500 and Nasdaq fell 2%, 2.9%, and 3.5%, respectively. The fake Zelenskiy account reached 20,000 followers on Telegram before it was shut down, a remedial action that experts say is all too rare.
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