Stocks closed sharply lower on Wall Street as worries grow in markets that the higher interest rates the Federal Reserve is using in its fight against inflation will slow the economy.
The S&P 500 pulled back sharply, erasing a rally from a day earlier and marking its biggest loss in almost two years. The Dow also sank, while tech stocks fell the most, pulling the Nasdaq down.
The yield on the 10-year Treasury note rose significantly. Rising yields are sure to put upward pressure on mortgage rates, which are already at their highest level since 2009.
The S&P 500 fell 153.30 points, or 3.6%, to 4,146.87.
The Dow Jones Industrial Average fell 1,063.09 points, or 3.1%, to 32,997.97.
The Nasdaq fell 647.16 points, or 5%, to 12,317.69.
The Russell 2000 index of smaller companies fell 78.77 points, or 4%, to 1,871.15.
For the week:
The S&P 500 is up 14.94 points, or 0.4%.
The Dow is up 20.76 points, or 0.1%.
The Nasdaq is down 16.95 points, or 0.1%.
The Russell 2000 is up 7.05 points, or 0.4%.
For the year:
The S&P 500 is down 619.31 points, or 13%.
The Dow is down 3,340.33 points, or 9.2%.
The Nasdaq is down 3,327.28 points, or 21.3%.
The Russell 2000 is down 374.16 points, or 16.7%.