Stocks had their biggest drop in more than a year Monday after another big leap for oil prices threatened to squeeze inflation’s grip on the global economy.
The S&P 500 sank 3%, its biggest drop in 16 months, after a barrel of U.S. crude surged to nearly $120 on the possibility that Washington could bar imports from Russia. Overseas markets also fell, taking their cue from oil’s movements.
The tech-heavy Nasdaq is now down 20% from its November peak, putting it in a bear market. The benchmark S&P 500 is down a more modest 12.4% from the all-time high it set in early January,
On Tuesday:
The S&P 500 fell 127.78 points, or 3%, to 4,201.09.
The Dow Jones Industrial Average fell 797.42 points, or 2.4%, to 32,817.38.
The Nasdaq fell 482.48 points, or 3.6%, to 12,830.96.
The Russell 2000 index of smaller companies fell 49.57 points, or 2.5%, to 1,951.33.
For the year:
The S&P 500 is down 565.09 points, or 11.9%.
The Dow is down 3,520.92 points, or 9.7%.
The Nasdaq is down 2,814.01 points, or 18%.
The Russell 2000 is down 293.99 points, or 13.1%.
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