Stocks tumble on fears about faster rate hikes, Dow down 570
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March 8, 2023
NEW YORK (AP) — Stocks sank Tuesday after the head of the Federal Reserve warned it could turn the dial back up on its hikes to interest rates if pressure stays high on inflation. The warning shook markets and raised worries about a possible recession down the line.
The S&P 500 dropped 1.5% for one of its worst days of the year so far. The Dow Jones Industrial Average lost 574 points, or 1.7%, while the Nasdaq composite fell 1.2%.
Inflation and what the Fed is doing about it have been at the center of Wall Street's sharp swings this year. After seeming to be on a steady decline since last...
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