Wall Street stocks close sharply lower

Wall Street tanked in a broad sell-off on Thursday , as investor risk appetite was dashed by worries that the Federal Reserve’s restrictive monetary policy will remain in place for longer than anticipated.touched a 16-year peak the day after Fed chairman Jerome Powell warned inflation still has a long way to go before approaching the central bank's 2% target.

Interest rate-sensitive megacaps, led by Amazon.com, Nvidia Corp, Apple Inc and Alphabet Inc dragged the S&P 500 and the Nasdaq to their lowest closing levels since June. “If you do have rates higher for longer, you have more strain on the system and more pressure on the economy,” said Thomas Martin, senior portfolio manager at GLOBALT in Atlanta. “It gives people another chance to say that the lag time of higher rates – which we're just starting to feel – might really bite.”

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