Stocks extend 2022 losses as investors brace for rate hikes

By DAMIAN J. TROISE
AP Business Writer

Stocks have closed broadly lower on Wall Street and deepened the losses for major indexes this year following another choppy day of trading. The major indexes bounced between gains and losses throughout Wednesday, largely following the direction of technology stocks, which sold off in the afternoon. The sector has triggered much of the choppiness in the market as investors shift money in expectation of rising interest rates. The tech-heavy Nasdaq fell 1.1% and is now 10.7% below the all-time high it set on Nov. 19. That decline puts the index in what the market considers a “correction.”  The S&P 500 fell and the Dow each fell 1%.