Stocks plummeted Friday after Federal Reserve Chair Jerome Powell said in his Jackson Hole speech the central bank won’t back off in its fight against rapid inflation.

The Dow Jones Industrial Average dropped 1,008.38 points, or 3.03%, to 32,283.40, with losses accelerating into the close. The S&P 500 fell 3.37% to 4,057.66, and the Nasdaq Composite slid 3.94% to 12,141.71.

The major averages declined for a second week. The Dow slid 4.2%. The S&P 500 and Nasdaq Composite lost roughly 4% and 4.4%, respectively.

Powell reiterated a tough stance against inflation, spurring investors to weigh the implications of higher interest rates for longer.

“Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” Powell said.

“We do believe the Fed,” said Zach Hill, head of portfolio management at Horizon Investments. “We believe what they say that rates are going to be higher for longer and we’ve seen some repricing of the cuts in 2023. We think there’s more to go on that front and it’s likely to continue to fuel equity volatility from here.”

The sell-off on Wall Street was broad-based, with just five members of the S&P 500 posting gains on Friday.