Wall Street tumbled as it focused on the downside of a surprisingly strong job market.
The S&P 500 lost 1.4 percent Tuesday. The Dow fell 430 points and wiped out the last of its gains for the year so far. The Nasdaq composite led the market lower with a 1.9 percent drop as Big Tech stocks were among the market’s biggest losers.
Stocks fell after a report showed U.S. employers have many more job openings than expected. That raised expectations for interest rates to stay high, and the 10-year Treasury yield hit its highest level since 2007.
On Tuesday:
The S&P 500 fell 58.94 points, or 1.4 percent, to 4,229.45.
The Dow Jones Industrial Average fell 430.97 points, or 1.3 percent, to 33,002.38.
The Nasdaq composite fell 248.31 points, or 1.9 percent, to 13,059.47.
The Russell 2000 index of smaller companies fell 29.66 points, or 1.7 percent to 1,727.15.
For the week:
The S&P 500 is down 58.60 points, or 1.4 percent.
The Dow is down 505.12 points, or 1.5 percent.
The Nasdaq is down 159.86 points, or 1.2 percent.
The Russell 2000 is down 57.95 points, or 3.2 percent.
For the year:
The S&P 500 is up 389.95 points, or 10.2 percent.
The Dow is down 144.87 points, or 0.4 percent.
The Nasdaq is up 2,592.98 points, or 24.8 percent.
The Russell 2000 is down 34.09 points, or 1.9 percent.
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