Wall St. ends lower, Dow confirms bear market
STORY: The Dow Jones Industrial Average fell 329 points and right into a bear market on Monday…
as all three of Wall Street’s main indexes plummeted amid ongoing investor fears that the Federal Reserve's aggressive campaign against inflation could throw the U.S. economy into a sharp downturn.
The Dow ended the day down 1.1%, the S&P lost 1% and the Nasdaq dropped 0.6%.
The S&P confirmed in June it was in a bear market, the Nasdaq in March.
Investor confidence has been shaken by the Fed and Chair Jerome Powell signaling last week that high interest rates could last through 2023.
Christian Ledoux is Director of Individual Securities and Research at CAPTRUST.
“Our view is that the current level of interest rates is sufficient to bring down inflation, but it takes time. A lot of this is just a matter of time. The higher rates that are in the market will have their effect, and it’s incredibly frustrating for investors to have to wait for the Fed to signal the all-clear. And it’s also unclear from Powell’s comments what exactly the all-clear signal is going to be based on.”
In individual movers, gains in Amazon and Costco helped limit losses in the Nasdaq.
And shares of casino operators Wynn Resorts, Las Vegas Sands Corp and Melco Resorts & Entertainment jumped after Macau planned to open to mainland Chinese tour groups in November for the first time in almost three years.
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