Stocks closed lower on Wall Street ahead of a key decision on interest rates by the Federal Reserve.
The S&P 500 fell 1.1% Tuesday. The Nasdaq composite and the Dow Jones Industrial Average also lost ground. Treasury yields were mostly higher.
Traders are waiting to see how high the Fed will raise interest rates at its meeting that ends Wednesday. The Fed has been raising the cost of borrowing money in hopes of slowing down the hottest inflation in four decades. Traders worry the Fed may overshoot its goal and slow down the economy so much it causes a recession.
The S&P 500 fell 43.96 points, or 1.1%, to 3,855.93.
The Dow Jones Industrial Average fell 313.45 points, or 1%, to 30,706.23.
The Nasdaq fell 109.97 points, or 1%, to 11,425.05.
The Russell 2000 index of smaller companies fell 25.34 points, or 1.4%, to 1,787.50.
For the week:
The S&P 500 is down 17.40 points, or 0.4%.
The Dow is down 116.19 points, or 0.4%.
The Nasdaq is down 23.35 points, or 0.2%.
The Russell 2000 is down 10.68 points, or 0.6%.
For the year:
The S&P 500 is down 910.25 points, or 19.1%.
The Dow is down 5,632.07 points, or 15.5%.
The Nasdaq is down 4,219.92 points, or 27%.
The Russell 2000 is down 457.81 points, or 20.4%.
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