Stocks sank on Monday, with the Dow Jones Industrial Average falling nearly 800 points after crude prices touched their highest level since 2008, raising fears about the global economy.
The Dow now joins the S&P 500 in what’s called “correction territory,” or a drop of more than 10% from recent highs. Meanwhile, the S&P 500 lost nearly 3% on Monday to post its worst daily loss since October 2020.
The Nasdaq fell more than 3%. It has now entered what’s known as a “bear market,” or down more than 20% from its record high in November. The Nasdaq had been flirting with a bear market in recent weeks.
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