Stocks closed lower as shares of beleaguered banks tumbled again and worries about the economy worsened.
The rising fear sent yields sinking in the bond market Tuesday, while Wall Street waited for the Federal Reserve’s latest move on interest rates and Washington edges closer to what would be a catastrophic default on U.S. government debt.
The S&P 500 fell 1.2% Tuesday, and the Dow fell 367 points. Some of the sharpest drops came from smaller- and mid-sized banks. They’ve been under heavy scrutiny as the banking system shows cracks under the weight of much higher interest rates.
On Tuesday:
The S&P 500 fell 48.29 points, or 1.2%, to 4,119.58.
The Dow Jones Industrial Average fell 367.17 points, or 1.1%, to 33,684.53.
The Nasdaq composite fell 132.09 points, or 1.1% to 12,080.51.
The Russell 2000 index of smaller companies fell 37.10 points, or 2.1%, to 1,732.11.
For the week:
The S&P 500 is down 49.90 points, or 1.2%.
The Dow is down 413.63 points, or 1.2%.
The Nasdaq is down 146.08 points, or 1.2%.
The Russell 2000 is down 36.88 points, or 2.1%.
For the year:
The S&P 500 is up 280.08 points, or 7.3%.
The Dow is up 537.28 points, or 1.6%.
The Nasdaq is up 1,614.02 points, or 15.4%.
The Russell 2000 is down 29.14 points, or 1.7%.
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