U.S. stocks fell to a new low on Monday as the S&P 500 fell 3.9% to 3,749.82 entering the “bear market” phase.
Wall Street stocks fell for the fourth straight day on Monday amid fears of a recession. The S&P hit its lowest since March of last year, down 20% from its peak.
The Down Jones fell 876 points to 30,516.74, 17% below its record high, even as the Nasdaq fell 4.68% to close at 10,809.23.
Also Read: Wall Street Stocks Slump After Inflation Hits 40-Year High
Stocks fell as the US Federal Reserve could raise rates by 0.75%. Experts fear rising inflation could trigger a recession as investors sold stocks on Monday.
It’s the first time the S&P 500 has entered the bear market since Wall Street plunged in 2020 due to the coronavirus pandemic in 2020.
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The Dow was dragged lower by American Express, Boeing and Salesforce as tech stocks Netflix, Tesla and Nvidia also plunged. The Nasdaq hit a new one-year low for the first time since November 2020.
Other stocks including Carnival Corporation and Norwegian Cruise Line also fell, with Delta Airlines tumbling 8%.
The bloodbath continued in communications and information technology stocks as well. Last weekend, premium gasoline prices topped $5 a gallon for the first time in the United States, sparking fresh concerns about soaring oil prices.
(With agency contributions)
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Post expires at 9:17pm on Thursday June 23rd, 2022