Nasdaq plunges 5% as stocks end sharply lower, erasing post-Fed relief rally

Stocks ended sharply lower Thursday, with the Nasdaq Composite dropping 5% as major indexes more than wiped out gains seen the previous session in a relief rally that followed a widely anticipated Federal Reserve rate hike. Tech and other growth stocks were hardest hit as Treasury yields jumped, with the 10-year rate at its highest since late 2018 at more than 3.04%. The Dow Jones Industrial Average shed around 1,063 points, or 3.1%, to close near 32,998, according to preliminary figures, while the S&P 500 lost 3.6% to finish near 4,147.

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