The Dow Jones industrial average sank more than 220 points in New York yesterday amid fears that the Federal Reserve is now leaning toward a boost in interest rates to slow the economy and protect against inflation.
But the blue-chip index managed to recover some of its losses, finishing the trading session day with a 146.98-point - or 1.6% - drop at 8,917.64. It was the first time in two weeks that the Dow closed below 9,000.
Declining issues outnumbered advancers by nearly an eight-to-one margin on the New York Stock Exchange, with 332 up, 2,873 down and 310 unchanged.
NYSE volume totalled 685 million shares, against 632.28 million in the previous session.
The Standard and Poor's 500stock list fell 22.98 to 1,084.92, and the NYSE composite index fell 11.42 to 563.05.
The Nasdaq composite index fell 49.08 to 1,819.88, and the American Stock Exchange composite index fell 12.86 to 725.
