Stocks are closing lower on Wall Street Tuesday after another volatile day of trading. Technology companies like Microsoft were again the biggest drag on the market. The S&P 500 gave up 1.2%, but clawed back much of a midday drop after being down as much as 2.8%. The index has been falling steadily all month and is now down 9.2% from the record high it set on the first trading day of the year. The Nasdaq fell 2.3%. Markets have been jittery over rising inflation and worries that the Federal Reserve’s actions to fight it will either be too late or too aggressive.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks fell on Wall Street Tuesday, continuing a volatile bout of trading that has sent markets swinging between steep losses and gains as investors gauge several threats.
Higher inflation has been squeezing businesses and consumers, and the Federal Reserve is expected to combat it in 2022 by raising interest rates. Investors fear that the Fed could either be moving too late or could be too aggressive. The central bank issues its latest policy statement Wednesday.
