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Bear market hits Wall Street as Dow Jones tumbles 876 points, stocks, bonds, crypto dive

Bear market hits Wall Street as Dow Jones tumbles 876 points, stocks, bonds, crypto dive

Bear market hits Wall Street as Dow Jones tumbles 876 points, stocks, bonds, crypto dive

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Wall Street plunged into what’s called a bear market on Monday, as investors grew increasingly fearful about a fragile economy and rising interest rates. The S&P 500 was more than 20% below its record set early this year.

The Dow (INDU) sank 876 points or 2.8%. The Nasdaq was down by 4.7% and has tumbled more than 10% in the past two trading sessions.

On Wall Street, the S&P 500 fell 151.23 points to 3,749.63 and dropped 21.8% below its record set early this year to put it into what investors call a bear market.  Prices fell worldwide for everything from bonds to bitcoin, and some of the sharpest drops hit what had been big winners of the easier low-rate era, such as high-growth technology stocks and other former darlings of investors. Tesla slumped 7.1%, and Amazon dropped 5.5%. GameStop tumbled 8.4%.

Some of the biggest hits came for cryptocurrencies, which soared early in the pandemic. Bitcoin dropped more than 14% from a day earlier and dropped below $23,400, putting it back to where it was in late 2020 and down from a peak of $68,990 late last year.

Editorial credit: TY Lim / Shutterstock.com

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