Stocks sank broadly on Wall Street, worsening their losses for the week, as markets remain anxious about the prospect of more aggressive action by the Federal Reserve to fight inflation with higher interest rates.
The losses came after two days of testimony before Congress by Federal Reserve Chair Jerome Powell, who said the central bank was prepared to continue making big interest rate increases if necessary.
Investors fear the inflation-fighting policies may tip the economy into a recession and put many people out of work.
On Thursday:
The S&P 500 fell 73.69 points, or 1.8%, to 3,918.32.
The Dow Jones Industrial Average fell 543.54 points, or 1.7%, to 32,254.86.
The Nasdaq composite fell 237.65 points, or 2.1%, to 11,338.35.
The Russell 2000 index of smaller companies fell 52.89 points, or 2.8%, to 1,826.59
For the week:
The S&P 500 is down 127.32 points, or 3.1%.
The Dow is down 1,136.11 points, or 3.4%.
The Nasdaq is down 350.65 points, or 3%.
The Russell 2000 is down 101.68 points, or 5.3%.
For the year:
The S&P 500 is up 78.82 points, or 2.1%.
The Dow is down 892.39 points, or 2.7%.
The Nasdaq is up 871.87 points, or 8.3%.
The Russell 2000 is up 65.34 points, or 3.7%.
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