Markets Fearful as NASDAQ Drops 4% and Dow Slips Under 30,000

Stocks tumbled on Thursday as worries roared back to the fore that the fragile economy of the United States may buckle under higher interest rates.

The S&P 500 fell 3.3% in a widespread wipeout.

Traders worry whether the Federal Reserve can tiptoe the narrow path of hiking interest rates enough to get inflation under control but not so much that they cause a recession.

The Dow Jones Industrial Average lost 2.4% and all but 3% of the stocks in the S&P 500 dropped.