Dow drops 329 points to enter the first bear market since March 2020.
The Dow Jones Industrial Average finished in a bear market on Monday for the first time in more than two years and the S&P 500 fell below its June closing low as investors fretted over a combination of interest-rate, currency and economic risks.
The ICE U.S. Dollar Index DXY, +0.81% started the week by topping 114, its highest level since 2002. The 10-year Treasury TMUBMUSD10Y, 3.919% yield, which began the year around 1.6%, soared to 3.878% on Monday — its highest level since April 2010 — as six-month through 30-year rates all moved either closer to or above 4%.
Globally, many central banks are getting more hawkish at a time when a lot of economies, particularly in the U.S. and Europe, are turning weaker, said Tom Graff, head of investments for Facet Wealth in Baltimore, which manages more than $1 billion. “And we might only be getting near the beginning of understanding what this economic slowdown will mean,” he said.
See: Bailey: Bank of England ‘won’t hesitate to change interest rates as necessary’ to get inflation to 2% However, Jonathan Krinsky, chief market technician at BTIG, wondered whether the S&P 500’s SPX, -1.03% retreat back to just under its June lows should attract investors. The good news is that “in the near-term, we are much closer to a tradable bottom than we were at 3,900,” Krinsky wrote in a note.
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