Stocks fall on Wall Street as crude oil prices climb again

Stocks fell broadly on Wall Street and crude oil prices rose sharply again Wednesday, as a wave of selling all but wiped out gains from a day before and left the S&P 500 and Dow Jones Industrial Average in the red for the week.

The S&P 500 fell 1.2%, with more than 80% of the stocks in the benchmark index closing lower. The Dow and Nasdaq composite each slid 1.3%.

After a strong rally last week, the market has been up and down this week as investors weigh concerns about rising inflation and slower economic growth now that federal spending on various stimulus measures has faded away and the central bank has signaled several interest rate hikes to come this year as it battles surging inflation.