Stocks slid on Wall Street Tuesday as the market remains gripped by uncertainty over pervasive inflation, rising interest rates and the potential for a recession.
The S&P 500, the Dow Jones Industrial Average and the Nasdaq fell. The Conference Board reported that consumer confidence fell in June to its lowest level in more than a year, driven by concerns over inflation including rising prices for gas and food. Energy stocks rose along with the price of crude oil. The yield on the 10-year Treasury note, which helps set mortgage rates, rose.
The S&P 500 fell 78.56 points, or 2%, to 3,821.55.
The Dow Jones Industrial Average fell 491.27 points, or 1.6%, to 30,946.99.
The Nasdaq fell 343.01 points, or 3%, to 11,181.54.
The Russell 2000 index of smaller companies fell 32.90 points, or 1.9%, to 1,738.84.
For the week:
The S&P 500 is down 90.19 points, or 2.3%.
The Dow is down 553.69 points, or 1.8%.
The Nasdaq is down 426.08 points, or 3.7%.
The Russell 2000 is down 26.90 points, or 1.5%.
For the year:
The S&P 500 is down 944.63 points, or 19.8%.
The Dow is down 5,391.31 points, or 14.8%.
The Nasdaq is down 4,463.43 points, or 28.5%.
The Russell 2000 is down 506.47 points, or 22.6%.