Stocks slumped again on Wall Street Thursday, erasing another 3.3% from the S&P 500 and bringing the index 23.6% below the peak it reached in January.
The renewed selling came a day after a brief reprieve for markets when the Federal Reserve delivered a huge interest rate increase in its effort to fight back inflation. Markets are worried that the Fed and other central banks may stumble along the narrow path of hiking interest rates enough to slow high inflation but not so much that they cause a recession. The Dow fell 2.4% and the Nasdaq gave back 4.1%. Treasury yields fell.
The S&P 500 fell 123.22 points, or 3.3%, to 3,666.77.
The Dow Jones Industrial Average fell 741.46 points, or 2.4%, to 29,927.07.
The Nasdaq fell 453.06 points, or 4.1%, to 10,646.10.
The Russell 2000 index of smaller companies fell 81.30 points, or 4.7%, to 1,649.84.
For the week:
The S&P 500 is down 234.09 points, or 6%.
The Dow is down 1,465.72 points, or 4.7%.
The Nasdaq is down 693.93 points, or 6.1%.
The Russell 2000 is down 150.45 points, or 8.4%.
For the year:
The S&P 500 is down 1,099.41 points, or 23.1%.
The Dow is down 6,411.23 points, or 17.6%.
The Nasdaq is down 4,998.87 points, or 32%.
The Russell 2000 is down 595.48 points, or 26.5%.