Stocks closed lower on Wall Street, deepening their losses for the week, as central banks around the world raised interest rates to fight inflation.
The S&P 500 fell 0.8% Thursday. The Dow Jones Industrial Average fell about half as much, and the Nasdaq composite lost 1.4%.
Central banks in Europe and Asia increased rates a day after the Federal Reserve made another big rate hike and signaled more were on the way. The goal is to cool down economies by making it more expensive to borrow money. The yield on the 2-year Treasury, which tends to follow expectations for Fed action, rose significantly.