Stocks shed early gains and closed broadly lower on Wall Street Thursday after the head of the Federal Reserve said the central bank needs to take more aggressive action to fight high inflation.

American Airlines rose after telling investors it expects to turn a profit in the second quarter as more people return to travel. Tesla rose after the maker of electric cars and solar panels reported strong sales and a seven-fold increase in profits. Treasury yields rose.

On Thursday

The S&P 500 fell 65.79 points, or 1.5%, to 4,393.66.

The Dow Jones Industrial Average fell 368.03 points, or 1%, to 34,792.76.

The Nasdaq fell 278.41 points, or 2.1%, to 13,174.65.

The Russell 2000 index of smaller companies fell 46.72 points, or 2.3%, to 1,991.46.

For the week:

The S&P 500 is up 1.07 points, or less than 0.1%.

The Dow is up 341.53 points, or 1%.

The Nasdaq is down 176.43 points, or 1.3%.

The Russell 2000 is down 13.52 points, or 0.7%.

For the year:

The S&P 500 is down 372.52 points, or 7.8%.

The Dow is down 1,545.54 points, or 4.3%.

The Nasdaq is down 2,470.32 points, or 15.8%.

The Russell 2000 is down 253.85 points, or 11.3%.