Dow tumbles 1,000 points, Nasdaq loses nearly 5% in worst day of the year for stocks

Stocks suffered their worst day of the year on Thursday, pulling back sharply and completely erasing a rally from the prior session in a stunning reversal that deepened the market’s losses for 2022.

The Dow Jones Industrial Average lost 1,100 points, or more than 3%. The S&P 500 and Nasdaq Composite fell 3.7% and 4.9%, respectively.

The moves come after a major rally for stocks on Wednesday. The Dow surged 932 points, or 2.81%, and the S&P 500 gained 2.99% for their biggest gains since 2020. The Nasdaq Composite jumped 3.19%.

Those gains had all been erased before noon in New York on Thursday.