Wall Street deep in bear market as S&P 500 hits new two-year low

S&P 500 hits lowest since Nov. 2020; rate-sensitive tech, growth stocks give back gains; energy stocks among rare gainers

Wall Street's main indexes sank deeper into a bear market on Tuesday as an early rally in stocks faltered after Federal Reserve policymakers advocated more interest rate hikes even at the risk of slowing economic growth.
 

The benchmark S&P 500 erased gains of up to 1.7% by early afternoon trading to hit lows last seen in late November 2020, leaving investors worrying about how much further stocks would have to fall before stabilizing.
 

St. Louis Fed President James Bullard made a case for more rate hikes, while Chicago Fed President Charles Evans said the central bank will need to raise