The S&P 500 dropped to a new closing low for 2022 as interest rates surged and turmoil rocked global currencies.
The S&P 500 declined just over 1%, falling below the June closing low of 3,666.
The Dow Jones Industrial Average dropped 325 points, or 1.1%, accelerating losses moments of trading. The Nasdaq fell 0.6%.
The British pound dropped to a record low against the U.S. dollar, falling 4% at one point to an all-time low.
The pound has since come off its worst levels on speculation that the Bank of England may have to raise rates more aggressively to tamp down inflation.
