(Updates to close of New York markets)

* Major U.S. indices end week sharply lower

* U.S. dollar sets best weekly gain in over a year

* Oil futures post fourth week of gains

By Pete Schroeder

WASHINGTON, June 18 (Reuters) – All three main indices on Wall Street dropped Friday with investors wary of a more hawkish stance from the U.S. Federal Reserve, while the dollar posted the strongest gains in over a year and oil prices continued a steady climb.

After starting the week near record highs, U.S. stocks have steadily dropped since Fed officials projected Wednesday that interest rates may rise sooner than previously expected.

The Dow Jones Industrial Average fell 533.37 points, or 1.58%, marking the worst week for the blue-chip index since January. The S&P 500 lost 55.41 points, or 1.31%, and the Nasdaq Composite dropped 130.97 points, or 0.92%.

The MSCI world equity index, which tracks shares in 45 nations, fell 8.87 points or 1.24%.

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