U.S. stocks slumped Thursday in the financial markets’ biggest meltdown so far this year, with tech companies taking a harder hit than the media sector in a dramatic reversal of the previous day’s rally.
The Dow Jones Industrial Average shed 1,063.09 points, down 3.1% for the day. The tech-heavy Nasdaq Composite index cratered 5%, down 647 points, marking one of its biggest one-day declines since the outset of the pandemic in March 2020. The market volatility came after the Federal Reserve on Wednesday OK’d a half-percentage-point increase in the interest rate in an attempt to slow the rate of inflation. That news pushed stocks higher, only to have those gains wiped out by Thursday’s pullback.
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