Wall Street Has Biggest Pullback of the Year, Led by Tech
Wall Street had its biggest pullback of the year Wednesday after a broad slide for stocks wiped out much of the benchmark S&P 500 index’s gains from last week.
The S&P 500 fell 1.6 percent after having been up as much as 0.6 percent in the early going. The Dow Jones Industrial Average lost 1.8 percent and the Nasdaq composite slid 1.2 percent, ending a seven-day winning streak. The losses are reversal for the market, which kicked off the year with a two-week rally.
The selling came as new economic data showed that even as inflation continues to cool, the economy is slowing, heightening worries about the possibility of a recession. Meanwhile, a key Federal Reserve policymaker said interest rates need to go higher than the central bank has previously signaled….