Stocks tumbled in the U.S. and Europe as investors grew increasingly concerned that the Federal Reserve and other central banks are willing to risk a recession to bring inflation under control.
The S&P 500 fell 2.5% Thursday, erasing its gains from early in the week. The tech-heavy Nasdaq composite and the Dow also fell.
A day earlier, the Fed said interest rates will need to go higher than previously expected in order to tame inflation.
On Thursday:
The S&P 500 fell 99.57 points, or 2.5%, to 3,895.75.
The Dow Jones Industrial Average fell 764.13 points, or 2.2%, to 33,202.22.
The Nasdaq fell 360.36 points, or 3.2%, to 10,810.53.
The Russell 2000 index of smaller companies fell 45.85 points, or 2.5%, to 1,774.61.
For the week:
The S&P 500 is down 38.63 points, or 1%.
The Dow is down 274.24 points, or 0.8%.
The Nasdaq is down 194.09 points, or 1.8%.
The Russell 2000 is down 22.06 points, or 1.2%.
For the year:
The S&P 500 is down 870.43 points, or 18.3%.
The Dow is down 3,136.08 points, or 8.6%.
The Nasdaq is down 4,834.44 points, or 30.9%.
The Russell 2000 is down 470.71 points, or 21%.
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