Stocks sink on higher interest rate fears

Following surprisingly strong US economic data, Wall Street stocks spent the entire day in the red, with the S&P 500 finishing down 0.8 percent.

"This apparent willingness by central banks to crush demand, and risk pushing the economy into a recession to get inflation under control, is prompting investors to pare down their exposure to equity markets, hence today's sell-off," Hewson said.Thursday's reports included releases from payroll firm ADP estimating the US economy added 497,000 jobs last month, more than double the expected amount.

While growth remains healthy for now, the prospect of more rate hikes has stoked worries that the Fed could tip the economy into recession, weighing on risk sentiment.

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