Stocks closed lower on Wall Street Tuesday and bond yields jumped as remarks by a Federal Reserve governor fueled expectations on Wall Street that the central bank is prepared to more aggressively raise interest rates and take other steps in a bid to tame surging inflation.
The S&P 500 fell 57.52 points, or 1.3%, to 4,525.12.
The Dow Jones Industrial Average fell 280.70 points, or 0.8%, to 34,641.18.
The Nasdaq fell 328.39 points, or 2.3%, to 14,204.17.
The Russell 2000 index of smaller companies fell 49.40 points, or 2.4%, to 2,046.04.