Stocks stumble 2.8% as worries about interest rates worsen

By STAN CHOE and ALEX VEIGA
AP Business Writers

NEW YORK (AP) — Stocks slumped on Wall Street Friday, leaving the S&P 500 with its biggest one-day loss in almost seven weeks, as worries deepen about a surge in interest rates and the U.S. central bank’s efforts to fight inflation. The S&P 500 sank 2.8% and marked its third losing week in a row. Several disappointing profit reports from companies also shook what’s been the market’s main pillar of support. A day earlier the chair of the Federal Reserve indicated that the Fed is likely to move aggressively to contain inflation with bigger interest rate increases, starting with its next policy meeting in two weeks.