Dow drops over 800 points as investors worry about Fed’s rate hikes to slow inflation

Markets worldwide are back to tumbling on Thursday, and Wall Street is down more than 3% in a nearly total wipeout as worries about a fragile economy roar back to the fore.

The S&P 500 was 3.4% lower in midday trading, more than reversing its blip of a 1.5% rally from a day before. Analysts had warned of more big swings given deep uncertainties about whether the Federal Reserve and other central banks can tiptoe the narrow path of hiking interest rates enough to get inflation under control but not so much that they cause a recession.