Stocks tumbled on Wall Street and Treasury yields rose after further indications from the Federal Reserve that it may need to raise interest rates much higher than many people expect to come under control inflation.
The Fed raised rates aggressively in order to control inflation by slowing down the economy.
The S&P 500 fell 0.3% on Thursday. The tech-heavy Nasdaq and Dow Jones Industrial Average also lost ground. The indices are on pace with weekly losses. The two-year Treasury yield rose to 4.45%. Oil prices ended lower and markets in Asia and Europe also fell.
The S&P 500 fell 12.23 points, or 0.3%, to 3,946.56.
The Dow Jones Industrial Average fell 7.51 points, or less than 0.1%, to 33,546.32.
The Nasdaq fell 38.70 points, or 0.3%, to 11,144.96.
The Russell 2000 Small Business Index fell 14.04 points, or 0.8%, to 1,839.12.
For the week:
The S&P 500 is down 46.37 points, or 1.2%.
The Dow is down 201.54 points, or 0.6%.
The Nasdaq is down 178.37 points, or 1.6%.
The Russell 2000 is down 43.62 points, or 2.3%.
For the year:
The S&P 500 is down 819.62 points, or 17.2%.
The Dow is down 2,791.98 points, or 7.7%.
The Nasdaq is down 4,500.01 points, or 28.8%.
The Russell 2000 is down 406.19 points, or 18.1%.
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