Wall Street’s losses deepened on Tuesday after the head of the Federal Reserve said it will consider shutting off its support for financial markets sooner than expected.
Major indexes started the day lower amid amid worries that the omicron variant would hit the global economy. Losses accelerated after Fed Chair Jerome Powell told Congress the central bank will consider halting its bond purchases meant to lower long-term rates sooner than expected. Short-term Treasury yields rose as investors moved up expectations for a Fed rate hike.
The S&P 500 fell 88.27 points, or 1.9%, to 4,567.
The Dow Jones Industrial Average fell 652.22 points, or 1.9%, to 34,483.72.
The Nasdaq fell 245.14 points, or 1.6%, to 15,537.69.
The Russell 2000 index of smaller companies fell 43.07 points, or 1.9%, to 2,198.91.
For the week:
The S&P 500 is down 27.62 points, or 0.6%.
The Dow is down 415.62 points, or 1.2%.
The Nasdaq is up 46.03 points, or 0.3%.
The Russell 2000 is down 47.03 points, or 2.1%.
For the year:
The S&P 500 is up 810.93 points, or 21.6%.
The Dow is up 3,877.24 points, or 12.7%.
The Nasdaq is up 2,649.41 points, or 20.6%.
The Russell 2000 is up 224.05 points, or 11.3%.