Stocks plunged Wednesday as deepening concern about the economic impact of high inflation and rising interest rates drove the Dow Jones Industrial Average to its worst day since March 2020.
The Dow closed with a loss of 1,161 points, dropping 3.6 percent Wednesday for its steepest one-day drop since the onset of the coronavirus pandemic. The S&P 500 closed 4 percent lower and the Nasdaq closed 4.7 percent lower Wednesday.
Wall Street experts pinned the steep Wednesday selloff on disappointing first quarter earnings from Target and other major retailers revealed earlier in the day, which traders saw a red flag for the economic outlook.
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