Wall Street’s losses mount as markets plummet worldwide – New York Daily News

Stocks took more losses on Wall Street Monday, pushing the S&P 500 to its lowest point in more than a year.

The sell-off came as renewed concerns about the Chinese economy piled on top of global financial markets already battered by rising interest rates.

The S&P 500 fell 3.2%, further exacerbating losses after five consecutive weeks, the longest streak in more than a decade.

The Dow Jones Industrial Average fell 2% and the Nasdaq retreated 4.3% as tech-focused stocks again bore the brunt of the sale. Monday’s sharp drop means the S&P 500, Wall Street’s main health indicator, is down 16.8% from the record set early this year.

Wall Street’s slump followed a global slump for the markets. Shares not only fell in Europe and much of Asia, but everything from crude oil from the old economy to bitcoin in the new economy fell. Bond yields and gold prices also fell.

“Basically, investors are finding it very difficult to find shelter,” said Sam Stovall, chief investment strategist at CFRA. “Traditional safe havens, such as defensive sectors or bonds, are not doing so well. Raw materials are not doing well.”

The S&P 500 fell 132.10 to 3,991.24. The Dow fell 653.67 points to 32,245.70. The Nasdaq fell 521.41 points to 11,623.25.

Concerns about the world’s second-largest economy contributed to Monday’s dismal. Analysts this weekend cited comments from a Chinese official warning of a dire situation for jobs as the country hopes to stop the spread of COVID-19.

Fears are that China’s strict anti-COVID policies will lead to more disruptions to global trade and supply chains, while hurting the economy, which for many years has been a major driver of global growth.

In the past, Wall Street has endured similar pressures due to the strong earnings growth that companies produced.

But this most recent earnings reporting season for major US companies has brought less enthusiasm. Companies generally report larger profits than expected, as is usually the case.

The Nasdaq composite’s 25.7% loss for 2022 has so far been much sharper than that for other indices.

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