US stocks enter bear market as Wall Street braces for more rate hikes

Source: The Hill

“Stocks on Monday continued a massive sell-off that started last week on news that inflation had reached a 40-year high and has yet to hit a ceiling despite a monetary tightening program begun by the Federal Reserve. The S&P 500 dropped 3.87 percent Monday to hit 3,749 from 3,900. This constitutes a move into a bear market for one of the premier indices of U.S. stocks, having fallen more than 20 percent since its recent high of 4,796 in January. In the two trading days since Friday, the index has dropped more than 6.5 percent from 4,017. The Dow Jones Industrial Average of major U.S. companies fell 2.79 percent Monday to hit 30,518 from 31,459. The index has seen a drop of around 17 percent since its January high.” (06/13/22)