The S&P 500 closed in bear market territory on Monday, reaching its lowest level since March 2021.
The broad index dropped 3.88% to 3,749.63, falling 21% below its record high. A bear market is considered 20% below a recent record high.
Meanwhile, the Dow Jones Industrial Average dropped 876.05 points, or 2.79%, while the Nasdaq Composite declined 4.68%.
All major S&P 500 sectors declined with energy and consumer discretionary falling more than 4%, while information technology, materials and communication services also dropped more than 3%.
Doocy: "Biden once bragged about the stock market 'hitting record, after record, after record on my watch.' How about now?"
Jean-Pierre: "The American people are well positioned to face these challenges because of the economic historic gains that we have made under [Biden]." pic.twitter.com/sjLLE0aCQH
— Washington Free Beacon (@FreeBeacon) June 13, 2022
Boeing stock fell 8.77%, Salesforce declined 6.96% and American Express fell 5.25% to weigh down the Dow, while Nvidia, Netflix and Tesla all fell more than 7% to bring down the Nasdaq.
Travel stocks were also big losers Monday with Norwegian Cruise Line dropping 12.3% and Carnival declining 10.32%, while United Airlines fell 10.06%, American Airlines slid 9.45% and Delta declined 8.29%.
Related Story: White House says Biden has sparked ‘historic economic BOOM’ as Dow plunges into bear market amid record inflation, high gas prices and recession fears: Claims Americans ‘are well positioned to face these challenges’ thanks to the President
Markets hit their lows for the day shortly after the Wall Street Journal reported that the Federal Reserve may consider raising interest rates by 0.75% in its next policy meeting Wednesday.
Monday also saw bitcoin drop 17%, plunging below $23,000 Monday, its lowest level since December 2020, as investors scrambled to dump cryptocurrency and other risk assets.
Copyright 2022 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI’s prior written consent.
This content is published through a licensing agreement with Acquire Media using its NewsEdge technology.