Markets sold off around the world on mounting signs the global economy is weakening just as central banks raise the pressure even more with additional hikes to interest rates.

The Dow Jones Industrial Average closed at its lowest point of the year Friday. The S&P 500 fell 1.7%, close to its 2022 low.

Energy prices also closed sharply lower as traders worried about a possible recession.

Treasury yields, which affect rates on mortgages and other kinds of loans, held at multiyear highs.

U.K. government bond yields snapped higher after that country's new government announced a sweeping plan of tax cuts.