Stocks pulled back sharply on Thursday, completely erasing a rally from the prior session in a stunning reversal that delivered investors one of the worst days since 2020.

The Dow Jones Industrial Average lost 1,063 points, or 3.12%, to close at 32,997.97. The tech-heavy Nasdaq Composite fell 4.99% to finish at 12,317.69, a fresh closing low for the year. Both of those losses were the worst single-day drops since 2020.

The S&P 500 fell 3.56% to 4,146.87, marking its second worst day of the year.

The moves come after a major rally for stocks on Wednesday, when the Dow surged 932 points, or 2.81%, and the S&P 500 gained 2.99% for their biggest gains since 2020. The Nasdaq Composite jumped 3.19%.

Those gains had all been erased before noon in New York on Thursday.