The Dow Jones Industrial Average fell 348.99 points, or 1.05 percent, to 33,027.49. The S&P 500 sank 56.05 points, or 1.45 percent, to 3,822.39. The Nasdaq Composite Index shed 233.25 points, or 2.18 percent, to 10,476.12.
All the 11 primary S&P 500 sectors ended in red, with consumer discretionary and technology down 2.59 percent and 2.54 percent, respectively, leading the slide.
The sell-off came as positive U.S. economic data raised concerns that the Federal Reserve may have to raise rates by more than expected.
The U.S. Commerce Department reported Thursday that U.S. real GDP increased at an annual rate of 3.2 percent in the third quarter of 2022, in contrast to a decrease of 0.6 percent in the second quarter.
The U.S. Labor Department reported that the country's jobless claims, a rough way to measure layoffs, rose by 2,000 to 216,000 for the week ending Dec. 17. Economists polled by The Wall Street Journal had forecast new claims would total 220,000.
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