US stocks tumbled on Thursday amid investors' fear that the Federal Reserve's aggressive anti-inflation policy could send the economy towards recession.
The shock came after the central bank announced Wednesday afternoon that it would increase interest rates by three-quarters of a percent, the largest hike in 28 years.
The S&P 500 and Nasdaq are already in bear markets and the Dow dropped below the 30,000 benchmark today, its lowest level in a year.
Other economic data lowered market sentiment on Thursday. Housing starts fell by 14% in May, down 3.5% from the year before. The Philadelphia Fed Business Index, which measures changes in business growth, contracted in June for the first time in two years with a reading of negative 3.3.
As stocks settle after the trading day, levels might still change slightly.