US stocks drop as tech stocks slide

U.S. stock indexes closed lower Friday as big technology-related shares tumbled, reeling from the Federal Reserve's decision to end its pandemic-era stimulus faster.

An announcement from the Fed this week signaling three quarter-percentage-point interest rate hikes by the end of 2022 to combat surging inflation put pressure on heavyweight tech stocks.

The Dow Jones Industrial Average dropped 532.20 points, or 1.5%, to close at 35,365.44. The S&P 500 fell 48.03 points, or 1%, to end at 4,620.64. The Nasdaq Composite Index slipped 10.75 points, or 0.1%, to finish at 15,169.68.

Global stocks also retreated on Friday on concerns about the fast-spreading Omicron variant of the coronavirus, which has impacted global trading sentiment since late November.

Meanwhile, President Joe Biden warned Thursday during remarks at a White House briefing that hospitals could be overwhelmed as the omicron variant spreads rapidly across the U.S., declaring the potential for a winter of severe illness and death.

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