NEW YORK (AP) — Wall Street tumbled into a bear market Monday after fears about a fragile economy sent the S&P 500 more than 20% below its record set early this year. The index sank 3.9% in the first chance for investors to trade after getting the weekend to reflect on the stunning news that inflation is getting worse. The Dow was briefly down more than 1,000 points. At the center of the sell-off again was the Federal Reserve. Investors expect it to get more aggressive about raising rates, even if it risks a recession. Treasury yields shot to the highest levels in more than a decade.
Courtney Crow/AP
In this photo provided by the New York Stock Exchange, trader James Macgilvray works on the floor, Monday, June 13, 2022. Fears about a possible recession are pounding markets worldwide on Monday, and Wall Street's S&P 500 tumbled into the maw of what's known as a bear market after sinking more than 20% below its record set early this year. (Courtney Crow/New York Stock Exchange via AP)
Posted at 4:39 PM, Jun 13, 2022
and last updated 2022-06-13 16:43:49-04
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
