Oil prices got back to jumping, while sinking technology stocks dragged Wall Street lower amid uncertainty about what the Federal Reserve will do to get high inflation under control.
The S&P 500 fell 1.5% Wednesday after briefly erasing all of an earlier drop of 1.2%. The Dow Jones Industrial Average pulled back 2.2%, and the Nasdaq composite lost 1.7%.
More drops for recent AI winners including Nvidia, Micron Technology and AMD weighed on the stock market. In oil trading, the price of Brent crude leaped 7.3% to settle above $88 per barrel.
On Wednesday:
The S&P 500 fell 112.63 points, or 1.5%, to 7,316.15.
The Dow Jones Industrial Average fell 1,153.18 points, or 2.2%, to 51,594.14.
The Nasdaq composite fell 433.97 points, or 1.7%, to 24,442.94.
The Russell 2000 index of smaller companies fell 47.49 points, or 1.6%, to 2,906.31.
For the week:
The S&P 500 is down 95.83 points, or 1.3%.
The Dow is down 353.11 points, or 0.7%.
The Nasdaq is down 532.88 points, or 2.1%.
The Russell 2000 is down 23.69 points, or 0.8%.
For the year:
The S&P 500 is up 470.65 points, or 6.9%.
The Dow is up 3,530.85 points, or 7.3%.
The Nasdaq is up 1,200.95 points, or 5.2%.
The Russell 2000 is up 424.40 points, or 17.1%.
