Wall Street slumped as stocks fell worldwide on expectations for U.S. interest rates to stay high well into next year.
The S&P 500 lost 1.6 percent Thursday, its worst drop since March. Big Tech stocks tumbled again after the Federal Reserve indicated Wednesday it may cut rates next year by only half what it earlier predicted. The Nasdaq composite fell 1.8 percent and the Dow lost 370 points.
The 10-year Treasury yield rose to 4.48 percent and is near its highest level since 2007. When bonds pay more interest, investors are less willing to pay high prices for stocks.
On Thursday:
The S&P 500 fell 72.20 points, or 1.6 percent, to 4,330.
The Dow Jones Industrial Average fell 370.46 points, or 1.1 percent, to 34,070.42.
The Nasdaq composite fell 245.14 points, or 1.8 percent, to 13,223.98.
The Russell 2000 index of smaller companies fell 28.28 points, or 1.6 percent to 1,781.83.
For the year:
The S&P 500 is down 120.32 points, or 2.7 percent.
The Dow is down 547.82 points, or 1.6 percent.
The Nasdaq is down 484.35 points, or 3.5 percent.
The Russell 2000 is down 65.21 points, or 3.5 percent.
For the year:
The S&P 500 is up 490.50 points, or 12.8 percent.
The Dow is up 923.17 points, or 2.8 percent.
The Nasdaq is up 2,757.50 points, or 26.3 percent.
The Russell 2000 is up 20.58 points, or 1.2 percent.
