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.