Wall Street stumbles 3.3% as fears of a recession grow

Friday, June 17, 2022, Vol. 46, No. 24

NEW YORK (AP) — Stocks slumped again on Wall Street Thursday, erasing another 3.3% from the S&P 500 and bringing the index 23.6% below the peak it reached in January.

The renewed selling came a day after a brief reprieve for markets when the Federal Reserve delivered a huge interest rate increase in its effort to fight back inflation.

Markets are worried that the Fed and other central banks may stumble along the narrow path of hiking interest rates enough to slow high inflation but not so much that they cause a recession.

The Dow fell 2.4% and the Nasdaq gave back 4.1%. Treasury yields fell.