Wall Street entered a bear market Monday as the S&P 500 sank 3.9%, bringing it more than 20% below the record high it set in January.
Fears about a fragile economy and stubbornly high inflation have slammed the stock market in recent days and sent Treasury yields surging to their highest levels in years. A report last week that inflation was getting worse, not better as many had hoped, sent a chill through markets that carried over into this week. Investors expect the Federal Reserve will get more aggressive to get inflation under control, even if it risks a recession.
On Monday:
The S&P 500 fell 151.23 points, or 3.9%, to 3,749.63.
The Dow Jones Industrial Average fell 876.05 points, or 2.8%, to 30,516.74.
The Nasdaq fell 530.80 points, or 4.7%, to 10,809.23.
The Russell 2000 index of smaller companies fell 85.69 points, or 4.8%, to 1,714.59.
For the year:
The S&P 500 is down 1,016.55 points, or 21.3%.
The Dow is down 5,821.56 points, or 16%.
The Nasdaq is down 4,835.75 points, or 30.9%.
The Russell 2000 is down 530.72 points, or 23.6%.
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