Stocks fall on prospect of Fed rate hikes in 2022

Stocks were broadly lower Friday after a Federal Reserve official said that the nation's central bank might need to raise interest rates as early as next year, sooner than the Fed's latest estimate of possible rate increases in 2023.

The S&P 500 index fell 0.8% as of 1:12 p.m. EST. Every sector in the benchmark index fell, with the largest declines coming from banks and technology companies. The Dow Jones Industrial Average fell 397 points, or 1.2%, to 33,425 and the Nasdaq Composite was down 0.5%. The S&P 500 is on pace to end the week down 1.4% while the Dow is down more than 3%. The Nasdaq is holding onto a slight gain for the week.