S&P 500 Sees Most Volatile Session Since March on Virus Worries
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The S&P 500 Index slumped for a second straight day on Wednesday, in a sharp reversal from earlier gains as concerns about the omicron variant and the Federal Reserve’s hawkish tilt overshadowed positive economic reports.
The benchmark gauge closed down by 1.2% after earlier rising as much as 1.9%. It was the worst two-day rout since October 2020, with 10 of the 11 major industry groups declining, led by losses in the consumer staples and consumer discretionary sectors. Only the utilities sector advanced. The Nasdaq 100 index fell 1.6%, while the blue-chip Dow Jones Industrial Average slumped 1.3%.