Stocks are closing sharply lower on Wall Street Thursday following the latest reminder that central banks now care more about fighting inflation than propping up markets.
The S&P 500 fell and is on track for its ninth losing week in the last 10. The losses for markets began across the Atlantic after the European Central Bank said it would raise interest rates next month for the first time in more than a decade.
Wall Street’s losses accelerated late in the day, as investors got their final opportunities to make trades before a highly anticipated report on U.S. inflation due Friday morning.
The S&P 500 fell 97.95 points, or 2.4%, to 4,017.82.
The Dow Jones Industrial Average fell 638.11 points, or 1.9%, to 32,272.79.
The Nasdaq fell 332.05 points, or 2.7%, to 11,754.23.
The Russell 2000 index of smaller companies fell 40.15 points, or 2.1%, to 1,850.86.
For the week:
The S&P 500 is down 90.72 points, or 2.2%.
The Dow is down 626.91 points, or less than 1.9%.
The Nasdaq is down 258.51 points, or 2.2%.
The Russell 2000 is down 32.20 points, or 1.7%.
For the year:
The S&P 500 is down 748.36 points, or 15.7%.
The Dow is down 4,065.51 points, or 11.2%.
The Nasdaq is down 3,890.75 points, or 24.9%.
The Russell 2000 is down 394.46 points, or 17.6%.