US markets see worst losses since 2020; Dow Jones plunges 1,000 pts, Nasdaq tanks 5%

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Stocks are closed sharply lower on Wall Street as worries grow in markets that the higher interest rates the Federal Reserve is using in its fight against inflation will slow the economy. The S&P 500 pulled back 3.6%, erasing a rally from a day earlier and marking its biggest loss in almost two years. The Dow fell 1,063 points, or 3.1%. Tech stocks fell the most, pulling the Nasdaq down 5%. “It’s really a tug of war between the optimists and the pessimists,” said Sam Stovall of CFRA Research.