Stocks fell and bond yields rose on Wall Street Wednesday after details from last month’s Federal Reserve meeting showed the central bank intends to be aggressive in its efforts to fight inflation.
Minutes from the meeting show that policymakers agreed to begin cutting the Fed’s stockpile of Treasurys and mortgage-backed securities by about $95 billion a month, starting in May.
On Wednesday:
The S&P 500 fell 43.97 points, or 1%, to 4,481.15.
The Dow Jones Industrial Average fell 144.67 points, or 0.4%, to 34,496.51.
The Nasdaq fell 315.35 points, or 2.2%, to 13,888.82.
The Russell 2000 index of smaller companies fell 29.11 points, or 1.4%, to 2,016.94.
For the week:
The S&P 500 is down 64.71 points, or 1.4%.
The Dow is down 321.76 points, or 0.9%.
The Nasdaq is down 372.68 points, or 2.6%.
The Russell 2000 is down 74.17 points, or 3.5%.
For the year:
The S&P 500 is down 285.03 points, or 6%.
The Dow is down 1,841.79 points, or 5.1%.
The Nasdaq is down 1,756.15 points, or 11.2%.
The Russell 2000 is down 228.33 points, or 10.2%.
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