us stock indexes extended losses in early afternoon trade thursday on worries that the federal reserves relentless interest rate hikes will tip the economy into a recession the dow jones industrial average fell 927 points or 27 to 33042 on track to book its biggest daily decline in over two months the sp 500 slumped 28 while the nasdaq composite dropped 34 both heading for their worst days since september the federal reserve hiked its interest rate by half a percentage point on wednesday with the benchmark rate projected to top out at 525 higher than their september forecast of 475 on thursday