<p>Wall Street stocks suffered bruising losses Thursday in a broad-based sell-off prompted by unease over shifting monetary policy and rising economic risks from inflation.</p>.<p>The Dow Jones Industrial Average plunged more than 1,000 points, or 3.1 per cent, to 32,997.97, its worst day since June 2020.</p>.<p>The broad-based S&P 500 slid 3.6 per cent to 4,146.87, while the tech-rich Nasdaq Composite Index tumbled 5.0 per cent to 12,317.69.</p>.<p>The losses were a dramatic reversal from Wednesday when stocks rallied after the Federal Reserve announced a half-point interest rate increase as expected, but ruled out a three-quarter point increase.</p>.<p>While Wednesday's outcome was not as hawkish as feared, the Fed's announcement still embodies "one of the most aggressive tightening cycles that we have seen in decades," said Angelo Kourkafas, investment strategist at Edward Jones.</p>.<p>"It didn't necessarily change the narrative that economic growth is slowing, while the Fed will tighten monetary policy at the at the fast pace," Kourkafas said.</p>.<p>All 11 sectors of the S&P 500 were in the red, with several of the biggest US corporations experiencing hefty pullbacks. This included Amazon, down 7.6 per cent, Tesla, down 8.3 per cent and Facebook parent Meta, down 6.8 per cent.</p>.<p>An exception to the sea of red to was Booking, which rose 3.3 per cent as it offered a heady outlook on the summer travel season.</p>
<p>Wall Street stocks suffered bruising losses Thursday in a broad-based sell-off prompted by unease over shifting monetary policy and rising economic risks from inflation.</p>.<p>The Dow Jones Industrial Average plunged more than 1,000 points, or 3.1 per cent, to 32,997.97, its worst day since June 2020.</p>.<p>The broad-based S&P 500 slid 3.6 per cent to 4,146.87, while the tech-rich Nasdaq Composite Index tumbled 5.0 per cent to 12,317.69.</p>.<p>The losses were a dramatic reversal from Wednesday when stocks rallied after the Federal Reserve announced a half-point interest rate increase as expected, but ruled out a three-quarter point increase.</p>.<p>While Wednesday's outcome was not as hawkish as feared, the Fed's announcement still embodies "one of the most aggressive tightening cycles that we have seen in decades," said Angelo Kourkafas, investment strategist at Edward Jones.</p>.<p>"It didn't necessarily change the narrative that economic growth is slowing, while the Fed will tighten monetary policy at the at the fast pace," Kourkafas said.</p>.<p>All 11 sectors of the S&P 500 were in the red, with several of the biggest US corporations experiencing hefty pullbacks. This included Amazon, down 7.6 per cent, Tesla, down 8.3 per cent and Facebook parent Meta, down 6.8 per cent.</p>.<p>An exception to the sea of red to was Booking, which rose 3.3 per cent as it offered a heady outlook on the summer travel season.</p>