Stocks suffered their worst week of the year as jitters over trade returned to the financial markets, and investors worried that the Federal Reserve might not be as supportive of them as earlier hoped.

The S&P 500 index extended its slide for a fifth consecutive day, closing down about 0.7 percent. For the week, the benchmark declined about 3 percent.

The drop came as investors contended with a flood of economic news that challenged the underpinnings of the markets’ nearly two-month-long rally.

On Wednesday, the Fed cut its target interest rate for the first time in a decade, but stopped short of signaling that it was beginning the aggressive rate-cutting campaign that investors had increasingly expected.