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Nasdaq 100 Posts Worst Day Since March, Sparked by Fed Minutes

U.S. stocks retreated further from a stretch of all-time highs Wednesday after minutes from the Federal Reserve’s most recent meeting showed that a strengthening economy and elevated inflation could lead to earlier and faster interest-rate increases.

The tech-heavy index shed 3.1%, as growth stocks came under further pressure on concerns that higher rates will put pressure on heady valuations. The S&P 500 fell 1.9% -- its biggest loss since Nov. 26 -- after it closed at a record on the first trading day of 2022. The Dow Jones Industrial Average lost nearly 400 points, or 1.1% for its biggest one-day percentage decline since Dec. 20 after finishing at a record Tuesday.