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.