Stocks tumble, Dow down 635 as high rates tighten squeeze

The Associated Press

NEW YORK (AP) – Wall Street is tumbling, and stocks are heading for their worst day in two months amid worries about the tightening squeeze of higher interest rates and about upcoming profits for companies.

The S&P 500 was down 1.9% Tuesday.

The Dow was down 635 points, and Home Depot fell to one of the market’s sharper losses after it gave a financial forecast that fell short of Wall Street’s expectations.

Treasury yields kept climbing further on worries that the Fed will stay aggressive on rates to fight inflation.

They’ve shot higher this month following several reports on the economy that were stronger than expected.

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2/21/2023 2:38:57 PM (GMT -6:00)