Stocks closed lower on Wall Street Tuesday and bond yields jumped as remarks by a Federal Reserve governor fueled expectations on Wall Street that the central bank is prepared to more aggressively raise interest rates and take other steps in a bid to tame surging inflation.

On Tuesday:

The S&P 500 fell 57.52 points, or 1.3%, to 4,525.12.

The Dow Jones Industrial Average fell 280.70 points, or 0.8%, to 34,641.18.

The Nasdaq fell 328.39 points, or 2.3%, to 14,204.17.

The Russell 2000 index of smaller companies fell 49.40 points, or 2.4%, to 2,046.04.

For the week:

The S&P 500 is down 20.74 points, or 0.5%.

The Dow is down 177.09 points, or 0.5%.

The Nasdaq is down 57.33 points, or 0.4%.

The Russell 2000 is down 45.07 points, or 2.2%.

For the year:

The S&P 500 is down 241.06 points, or 5.1%.

The Dow is down 1,697.12 points, or 4.7%.

The Nasdaq is down 1,440.80 points, or 9.2%.

The Russell 2000 is down 199.27 points, or 8.9%.

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