Stocks Continue to Slip , on Wall Street, , Edging Closer to Bear Market.
On May 19, Wall Street saw stocks fall in early morning trading, worsening a slump experienced by major indexes.
On May 19, Wall Street saw stocks fall in early morning trading, worsening a slump experienced by major indexes.
ABC News reports that the drop comes as record-high inflation continues to weigh down the economy.
ABC News reports that the drop comes as record-high inflation continues to weigh down the economy.
The S&P 500 fell 0.4% and is down almost 19% from a record high set earlier this year.
The S&P 500 fell 0.4% and is down almost 19% from a record high set earlier this year.
ABC News reports that this is just one point shy of the 20% drop that defines a bear market.
The Dow Jones Industrial Average dropped 0.9%, losing 279 points.
Target lost an additional 3.6% just one day after losing a quarter of its value due to a weak profit report.
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Investors have reportedly been spooked by rising interest rates, record inflation, Russia's war in Ukraine and strict COVID lockdowns halting China's economy.
Investors have reportedly been spooked by rising interest rates, record inflation, Russia's war in Ukraine and strict COVID lockdowns halting China's economy.
These fears have caused stocks in everything from major tech companies to traditional automakers to plummet.
These fears have caused stocks in everything from major tech companies to traditional automakers to plummet.
According to ABC, investors have been concerned that soaring inflation and energy costs will impact consumers' purchasing power.
The Federal Reserve aggressively raising interest rates has also led to concerns that the U.S. central bank could cause a recession.
The Federal Reserve aggressively raising interest rates has also led to concerns that the U.S. central bank could cause a recession
