Stocks tumbled today, deepening the losses suffered during Wednesday's 1,100-point rout in the Dow Jones.
in the Dow index. Investors are fleeing stocks amid continuing fears that high inflation is chilling consumer spending and crimping corporate profits.
Wall Street is increasingly worried about the potential for a downturn in the face of headwinds including the stiffest inflation in 40 years and rising interest rates. Tightening monetary policy could create a bumpy landing — and — causing economic growth to slow. Grim quarterly earnings reports from retailers such as Target and Walmart this week have fueled investors' concerns.
The skid has put the S&P 500 on the cusp of a"bear market," which is when a stock index falls 20% or more from a recent high for a sustained period of time.With today's slide, the S&P 500 is down 18.7% from its most recent high of 4,796 on January 3, while the Dow is 14.4% below its most recent peak. The Nasdaq had already entered bear territory and is down 29% from its most recent peak in November.
A rash of disappointing earnings reports by major retailers has sparked the most recent selloff, with Target losing a quarter of its value after reporting quarterly results that fell far short of analysts' forecasts. Inflation, especially for shipping costs, dragged its operating margin.
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