Dow tumbles over 900 points, S&P 500 sheds 2.8% as stocks hit session lows in afternoon trade

U.S. stock indexes extended losses in early afternoon trade Thursday on worries that the Federal Reserve's relentless interest rate hikes will tip the economy into a recession. The Dow Jones Industrial Average fell 927 points, or 2.7%, to 33,042, on track to book its biggest daily decline in over two months.

The S&P 500 slumped 2.8%, while the Nasdaq Composite dropped 3.4%, both heading for their worst days since September. The Federal Reserve hiked its interest rate by half a percentage point on Wednesday, with the benchmark rate projected to top out at 5.25%, higher than their September forecast of 4.75%. On Thursday,...

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Strategists are gloomy on 2023 corporate earnings — and S&P 500 price targetsThe problem for stocks in 2023 is the extent of a recession, and the extent of the earnings decline.
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