Stocks slipped on Wall Street and Treasury yields again rose to multiyear highs a day after the Federal Reserve indicated that its fight against inflation is far from over.
The S&P 500 fell 1.1% Thursday. The Nasdaq composite and the Dow also fell. Technology stocks were among the heaviest weights on the market.
The yield on the two-year Treasury note, which tends to track expectations for future Fed moves, rose to its highest level since 2007. Higher Treasury yields have helped push mortgage rates sharply higher this year. The Bank of England made its biggest rate hike in three decades.
The S&P 500 fell 39.80 points, or 1.1%, to 3,719.89.
The Dow Jones Industrial Average fell 146.51 points, or 0.5%, to 32,001.25.
The Nasdaq fell 181.86 points, or 1.7%, to 10,342.94.
The Russell 2000 index of smaller companies fell 9.41 points, or 0.5%, to 1,779.73.
For the week:
The S&P 500 is down 181.17 points, or 4.6%.
The Dow is down 860.55 points, or 2.6%.
The Nasdaq is down 759.51 points, or 6.8%.
The Russell 2000 is down 67.19 points, or 3.6%.
For the year:
The S&P 500 is down 1,046.29 points, or 22%.
The Dow is down 4,337.05 points, or 11.9%.
The Nasdaq is down 5,302.03 points, or 33.9%.
The Russell 2000 is down 465.58 points, or 20.7%.
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