How major US stock indexes fared Tuesday 3/7/2023

Stocks sank on Wall Street after the head of the Federal Reserve warned it could speed up its economy-rattling hikes to interest rates if pressure stays high on inflation.

The S&P 500 dropped 1.5% Tuesday, and the Dow Jones Industrial Average gave back 574 points. Both had been nearly flat just before Fed Chair Jerome Powell said the central bank is ready to get more aggressive on rate hikes if warranted. Treasury yields also shot higher following Powell’s testimony before a Senate committee. The yield on the two-year Treasury is near its highest level since 2007.

On Tuesday:

The S&P 500 fell 62.05 points, or 1.5%, to 3,986.37.

The Dow Jones Industrial Average fell 574.98 points, or 1.7%, to 32,856.46.

The Nasdaq composite fell 145.40 points, or 1.2%, to 11,530.33.

The Russell 2000 index of smaller companies fell 21.03 points, or 1.1%, to 1,878.72.

For the week:

The S&P 500 is down 59.27 points, or 1.5%.

The Dow is down 534.51 points, or 1.6%.

The Nasdaq is down 158.67 points, or 1.4%.

The Russell 2000 is down 49.54 points, or 2.6%.

For the year:

The S&P 500 is up 146.87 points, or 3.8%.

The Dow is down 290.79 points, or 0.9%.

The Nasdaq is up 1,063.85 points, or 10.2%.

The Russell 2000 is up 117.48 points, or 6.7%.