An early market rally gave way to a broad slide for stocks and a surge in bond yields Wednesday after the Federal Reserve signaled it plans to begin raising interest rates “soon” to fight a spike in inflation that the central bank says is probably getting worse.
On Wednesday:
The S&P 500 fell 6.52 points, or 0.1%, to 4,349.93.
The Dow Jones Industrial Average fell 129.64 points, or 0.4%, to 34,168.09.
The Nasdaq rose 2.82 points, or less than 0.1%, to 13,542.12.
The Russell 2000 index of smaller companies fell 27.57 points, or 1.4%, to 1,976.46.
For the week:
The S&P 500 is down 48.01 points, or 1.1%.
The Dow is down 97.28 points, or 0.3%.
The Nasdaq is down 226.80 points, or 1.6%.
The Russell 2000 is down 11.45 points, or 0.6%.
For the year:
The S&P 500 is down 416.25 points, or 8.7%.
The Dow is down 2,170.21 points, or 6%.
The Nasdaq is down 2,102.85 points, or 13.4%.
The Russell 2000 is down 268.85. points, or 12%.
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