Stocks Tumble to New 2022 Low, Enter Bear Market Territory

Stocks Tumble , to New 2022 Low, , Enter Bear Market Territory.

On September 23, following a brutal week for financial markets, stocks tumbled amid surging interest rates and increased fears of a global recession.

On September 23, following a brutal week for financial markets, stocks tumbled amid surging interest rates and increased fears of a global recession.

The Dow Jones Industrial Average fell over 700 points to drop below 30,000 to a new 2022 low.

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NBC reports that the 30-stock index has fallen 20% from its high and is now in bear market territory.

Meanwhile, the S&P 500 dropped 2% and appeared poised to hit a new 2022 closing low.

The Nasdaq Composite also dropped about 2%.

The market has been transitioning clearly and quickly from worries over inflation to concerns over the aggressive Federal Reserve campaign, Quincy Krosby, LPL Financial, via NBC.

You see bond yields rising to levels we haven’t seen in years — it’s changing the mindset to how does the Fed get to price stability without something breaking, Quincy Krosby, LPL Financial, via NBC.

The British pound also fell to a three-decade low against the U.S. dollar and Major European markets lost 2% on the day.

This is a global macro mess that the market is trying to sort out, Quincy Krosby, LPL Financial, via NBC.

NBC reports that September 23 marked the fourth negative session in a row for the major averages.

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On September 21, the Federal Reserve issued another massive rate hike of 75 basis points and indicated more rate hikes on the horizon.

On September 21, the Federal Reserve issued another massive rate hike of 75 basis points and indicated more rate hikes on the horizon