A pedestrian walks past the New York Stock Exchange, Jan. 24, 2022, in New York. Stocks opened sharply lower on Wall Street Monday, June 13, as inflation worries mount, pushing the S&P 500 closer to a bear market decline of 20% from the peak it reached early this year. The index slumped 2.3% as traders worry that inflation, already at a four-decade high, might be even tougher to rein in than expected. (AP Photo/John Minchillo, File)
Stan Choe
The Associated Press
NEW YORK (AP) — Fears about a possible recession pounded markets worldwide Monday, June 13 and Wall Street’s S&P 500 tumbled into the maw of what’s known as a bear market after sinking more than 20% below its record set early this year.
The S&P 500 dropped 3.8% in the first chance for investors to trade after getting the weekend to reflect on the stunning news that inflation is getting worse, not better. The Dow Jones Industrial Average was down 879 points or 2.8%, at 30,513, as of 11:08 a.m. Eastern time, and the Nasdaq composite was 4.5% lower.
The center of Wall Street’s focus was again on the Federal Reserve, which is scrambling to get inflation under control. Its main method is to raise interest rates in order to slow the economy, a
