S&P 500 notches new closing low for 2022, Dow falls into bear market as dollar surges; European markets close lower
The S&P 500 notched a new closing low for 2022 and the Dow Jones Industrial Average slipped into a bear market as interest rates surged and turmoil rocked global currencies.
The S&P 500 declined 1.03% to 3,655.04, falling below the June closing low of 3,666.77. At one point during the day, the index dipped to 3,644.76, less than eight points away from its intraday low of 2022: 3,636.87.
The Dow dropped 329.60 points, or 1.11%, to 29,260.81 — accelerating losses in the final moments of trading. The 30-stock index is down about 20.4% from its Jan. 4 closing high. The Nasdaq Composite fell 0.6% to 10,802.92.
Li Auto, Xpeng — The Chinese electric vehicle makers saw shares jump up after Beijing announced an extension of tax breaks on electric vehicles.
Lyft – Shares of the ride hailing company fell about 3% after UBS downgraded the stock to neutral from a buy.
The pan-European Stoxx 600 provisionally ended down 0.4%, having earlier fallen more than 0.8%. Utilities dropped 2.3% while travel stocks added over 2%.
Brent crude fell below $85 a barrel Monday, as recession fears mount and the U.S. dollar surged.
Source: CNBC, Investing.com