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June 17, 2022

Huge losses on Wall Street

By STAN CHOE
AP Business Writer

NEW YORK — Fear swept through financial markets Thursday, and Wall Street tumbled as worries roared back to the fore that the world's fragile economy may buckle under higher interest rates.

The S&P 500 fell 3.3% in a widespread wipeout to more than reverse its blip of a 1.5% rally from a day before. Analysts had warned of more big swings given deep uncertainties about whether the Federal Reserve and other central banks can tiptoe the narrow path of hiking interest rates enough to get inflation under control but not so much that they cause a recession.


 
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