Stocks closed lower on Wall Street Wednesday after minutes from the Federal Reserve’s last meeting raised expectations that the central bank will move faster to raise interest rates to fight inflation.
The S&P 500, The Dow Jones Industrial Average and the Nasdaq fell. Drops in major technology stocks were the biggest weight on the market.
The S&P 500 fell 92.96 points, or 1.9%, to 4,700.58.
The Dow Jones Industrial Average fell 392.54 points, or 1.1%, to 36,407.11.
The Nasdaq fell 522.54 points, or 3.3%, to 15,100.17.
The Russell 2000 index of smaller companies fell 74.87 points, or 3.3%, to 2,194.
For the week:
The S&P 500 is down 65.60 points, or 1.4%.
The Dow is up 68.81 points, or 0.2%.
The Nasdaq is down 544.80 points, or 3.5%.
The Russell 2000 is down 51.31 points, or 2.3%.