Investors reacted to the threat of higher interest rates and a possible recession Monday by selling stocks.
The Dow Jones Industrial Average lost 876 points, ending the day off 2.79%, the Nasdaq lost 530 points or 4.68%, and the S&P 500 closed off 3.88% landing it in official bear market territory. A bear market is defined as a 20% fall from a market’s high.
Bitcoin also saw a decline, plunging to $23,000 — a loss of 67% from its high last November.
Podcast host Trish Regan has repeadedly warned of the dangers of the Fed’s loose monetary policy. She has argued since summer of 2020 that the country ran this risk. (Watch bleow.) Meanwhile,
with markets anticipating a 0.75% rate hike from the Federal reserve at its meeting this week, there are growing fears of a recession. On Friday, the Labor Department reported that consumer prices grew by 8.6% over last year.
Bond yields are moving higher in anticipation of the Fed’s move. The yield on the 10 year U.S. Treasury bond crept up to 3.363%.
The post S&P Closes in Bear Market Territory as Dow Plunges Nearly 900 Points appeared first on Trish Regan’s Intel.
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Author: TrishIntel.Com Staff
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