The Dow Jones Industrial Average dropped nearly 1,000 points Monday afternoon as Democrats in Congress pushed-forward with their January 6th Committee Hearings.
The 2022 stock sell-off intensified on Monday with the S&P 500 tumbling to a fresh low for the year. The index is on track to close in bear market territory as recession fears grew ahead of a key Federal Reserve meeting later this week.
The S&P 500 fell 4% to its lowest level since March 2021, bringing its losses from its January record to more than 21%. The benchmark is headed for its first close in bear market territory after trading there briefly on an intraday basis about three weeks ago. Some on Wall Street say it’s not an official bear market until it closes there. Stocks’ last bear market was in March 2020 at the onset of pandemic.
The Dow Jones Industrial Average dropped 980 points, or about 3.14% and the Nasdaq Composite tumbled about 4.8%. Major averages hit their lows of the session in the final 30 minutes after a Wall Street Journal report suggested the Fed would consider raising rates by 0.75% on Wednesday, more than the half point increase currently expected.