First American News LLC, Raleigh, NC: Fear clouded the markets this Friday as weekslong slide continues amid nervousness over Fed and Ukraine; flight to safety punishes tech stocks and cryptocurrencies
The Dow industrials fell more than 600 points on Monday as the 2022 swoon for major U.S. stock indexes accelerated.
Popular technology stocks were hard hit. The market slide extended to the cryptocurrency markets, with bitcoin dipping at one point below $33,000, less than half the market value of its November high, said Gaby Mendoza of the MB Daily News
Investors are bracing for a Federal Reserve meeting this week in which the central bank is expected to shed more light on its plans to combat surging inflation. The market has also been spooked by mounting tensions between the West and Russia over the military buildup on the border with Ukraine.
The S&P 500 fell 2% in afternoon trading. If its losses continue, the broad market index will experience a correction, defined as a 10% drop from a recent high. The S&P 500 was at a record three weeks ago. Click here to subscribe to Bloomberg News and continue reading on the dow jones.