Stocks closed lower on Wall Street, deepening their losses for the week, as central banks around the world raised interest rates to fight inflation.
The S&P 500 fell 0.8% Thursday. The Dow Jones Industrial Average fell about half as much, and the Nasdaq composite lost 1.4%.
Central banks in Europe and Asia increased rates a day after the Federal Reserve made another big rate hike and signaled more were on the way. The goal is to cool down economies by making it more expensive to borrow money. The yield on the 2-year Treasury, which tends to follow expectations for Fed action, rose significantly.
The S&P 500 fell 31.94 points, or 0.8%, to 3,757.99.
The Dow Jones Industrial Average fell 107.10 points, or 0.4%, to 30,076.68.
The Nasdaq fell 153.39 points, or 1.4%, to 11,066.81.
The Russell 2000 index of smaller companies fell 39.85 points, or 2.3%, to 1,722.31.
For the week:
The S&P 500 is down 115.34 points, or 3%.
The Dow is down 745.74 points, or 2.4%.
The Nasdaq is down 381.60 points, or 3.3%.
The Russell 2000 is down 75.88 points, or 4.2%.
For the year:
The S&P 500 is down 1,008.19 points, or 21.2%.
The Dow is down 6,261.62 points, or 17.2%.
The Nasdaq is down 4,578.17 points, or 29.3%.
The Russell 2000 is down 523 points, or 23.3%.