NEW YORK — Another broad stock market sell-off on Monday deepened Wall Street’s losses from last week, leaving the S&P 500 with its mostsignificant slide because mid-June.
The criteria index fell 2.1%, almost doubling its losses from last week, when it broke a four-week winning streak. The Dow Jones Industrial Average dropped 1.9% and the Nasdaq dropped 2.5%.
Technology business and sellers had some of the heaviest losses. Smaller business stocks likewise lost ground, pulling the Russell 2000 index 2.1% lower.
The newest market slide comes as financiers grapple with unpredictability over when the greatest inflation in years will ease considerably, how much will the Federal Reserve have to raise interest rates in order to get it under control and how much will the rate walkings sluggish the economy.
Wall Street will be looking for insight into these unknowns lateron this week, when the Federal Reserve holds its yearly conference in Jackson Hole, Wyoming.
“Volatility surged as financiers are significantly anxious about what they may hear from authorities at the Fed’s upcoming Jackson Hole seminar,” stated Jeffrey Roach, chief financialexpert for LPL Financial.
The S&P 500 fell 90.49 points to 4,137.99. The Dow lost 643.13 points to close at 33,063.61, while the Nasdaq fell 323.64 points to 12,381.57. The Russell 2000 offered up 41.60 points to 1,915.74.
Some 95% of the stocks in the S&P 500 fell. Technology business, merchants, banks and interactions services stocks accounted for a huge share of the index’s slide. Mic