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Stocks dive as fears about the economy intensify

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It's turning into an ugly day on Wall Street, with shares heading to their worst day of the year.

Traders work the floor of the New York Stock Exchange in New York City on Thursday. Stocks fell sharply a day after the Federal Reserve raised interest rates by the most in over two decades. It's turning into an ugly day in Wall Street, with shares heading to their worst day of the year.by half a percentage point and said more rate hike of similar size are on the table, as the central bank intensifies its fight against persistently high inflation.

Subramanian said markets were adjusting for a new environment of higher interest rates after enjoying historically low rates for years. The Dow Jones tumbled over 1,100 points as of midday on Thursday, while the S&P 500 was down over 3% and the Nasdaq was down over 4%.

 

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