Dow falls over 300 points to finish in bear market; S&P 500 ends at new 2022 low


U.S. stocks closed lower Monday amid elevated market volatility, extending last week’s losses as the S&P 500 sank to a new 2022 low. The S&P 500 SPX, -1.03% dropped 1% to end around 3,655.52, while the Dow Jones Industrial Average DJIA, -1.11% fell 1.1% and the Nasdaq Composite COMP, -0.60% slid 0.6%, according to preliminary FactSet data. The S&P 500 ended below its previous closing low this year of 3666.77 on June 16. Wall Street’s fear gauge has climbed amid fears over the Federal Reserve aggressively raising interest rates to fight inflation, with investors worried its hawkish stance will lead to a U.S. recession. The CBOE Volatility Index VIX, +7.82% climbed to more than 31 Monday, above its 50-day moving average of 23.86, FactSet data show, at last check. The yield on the 10-year Treasury note surged 18.3 basis points Monday to 3.878%, the highest rate since April 2010 based on 3 p.m. Eastern time levels, according to Dow Jones Market Data. The Dow ended in bear market territory, finishing around 29,260.81 Monday.

This article was originally published by Read the original article here.

Previous article: Las Vegas Sands, Wynn Resorts stocks lead S&P 500 winners after Macau’s surprise new COVID-recovery plan
Next articleThe Tell: First thing Fed breaks with higher rates will be the financial markets, BMO says


Please enter your comment!
Please enter your name here