Stocks sink as omicron, rate worries rattle Wall Street
The S&P 500 was 1.7 percent lower in afternoon trading. It was already down in the morning amid worries that the omicron variant would hit the global economy.
Losses accelerated after Fed Chair Jerome Powell told Congress the central bank will consider halting its bond purchases meant to lower long-term rates sooner than expected.
Short-term Treasury yields rose as investors moved up expectations for a Fed rate hike. Crude oil slid.