Stocks tumble sharply on Wall Street amid worries about rates, economy

&P 500 fell 2.2% in early afternoon trading, adding a dismal cap on what's already been a rough week. It's almost all the way back to its lowest point of the year, reached in mid-June, as Wall Street remains mired in its bear market. The Dow Jones Industrial Average is nearly 20% below its record set early this year. If it closes at or below that level, it would join other major indexes that already passed the threshold.

"Financial markets are now fully absorbing the Fed's harsh message that there will be no retreat from the inflation fight," Douglas Porter, chief economist at BMO Capital Markets. The Dow Jones Industrial Average fell 602 points, or 2%, to 29,489 and the Nasdaq fell 2.1% as of 12:05 p.m. Eastern. Smaller company stocks did even worse. The Russell 2000 fell 3%. U.S. crude oil prices slipped 6.1% and weighed heavily on energy stocks.

The higher rates mean Goldman Sachs strategists say a majority of their clients now see a "hard landing" that pulls the economy sharply lower as inevitable. The question for them is just on the timing, magnitude and length of a potential recession.

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