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Updated June 9, 2022 4:38 pm ET / Original June 9, 2022 4:30 am ET
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Stocks sold off Thursday after the European Central Bank said it planned to raise interest rates in July, sending bond yields higher. The selling worsened in the late afternoon, when the indexes fell below key levels.
The Dow Jones Industrial Average dropped 638 points, or 1.9%. The S&P 500 fell 2.4%, and the Nasdaq Composite declined 2.8%. All three major indexes were down only mildly—until they nosedived at 3 p.m.