Stocks fell on Wall Street and put major indexes deeper into a slump as recession fears grow.
The S&P 500 fell 1% Monday. The Dow Jones Industrial Average and the Nasdaq also fell. The losses were broad and included banks, health care companies and retailers.
The British pound slumped to an all-time low against the dollar and investors continued to dump British government bonds in displeasure over a sweeping tax cut plan announced in London last week. Treasury yields continued to rise as the Federal Reserve and other global central banks step up their fight against inflation.
The S&P 500 fell 38.19 points, or 1%, to 3,655.04.
The Dow Jones Industrial Average fell 329.60 points, or 1.1%, to 29,260.81.
The Nasdaq fell 65 points, or 0.6%, to 10,802.92.
The Russell 2000 index of smaller companies fell 23.71 points, or 1.4%, to 1,655.88.
For the year:
The S&P 500 is down 1,111.14 points, or 23.3%.
The Dow is down 7,077.49 points, or 19.5%.
The Nasdaq is down 4,842.05 points, or 30.9%.
The Russell 2000 is down 589.43 points, or 26.3%.