S&P 500 confirms bear market as recession worry grows

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Reuters

By Chuck Mikolajczak NEW YORK (Reuters) – U.S. equities tumbled on Monday, with the S&P 500 confirming it is in a bear market, as fears grow that the expected aggressive interest rate hikes by the Federal Reserve would push the economy into a recession. The benchmark S&P index has fallen for four straight days, with the index now down more than 20% from its most recent record closing high to confirm a bear market began on Jan. 3, according to a commonly used definition. All the major S&P sectors were sharply lower, with only about 10 components of the S&P 500 in positive territory on the day. …

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