Market has biggest pullback of the year as tech stocks continue to fade
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Wall Street had its biggest pullback of the year Wednesday after a broad slide for stocks wiped out much of the benchmark S&P 500 index's gains from last week. The S&P 500 fell 62 points, or 1.6%, end the day at 3,929. The Dow Jones Industrial Average lost 614 points, or 1.8%, to close at 33,297, while the Nasdaq Composite slid 1.2%, ending a seven-day winning streak. The losses are reversal for the market, which kicked off the year with a two-week rally. The selling came as new economic data showed that even as inflation continues to cool, the economy is slowing , heightening worries about the possibility of a recession. Meanwhile, a key Federal Reserve policymaker said interest rates need to go higher than the central bank has previously signaled. Consumer spending slips The government reported that Americans cut back on their spending at retailers more than anticipated last month, the second straight decline. Separ