(MENAFN- Baystreet.ca) Stocks Plumb Near Bear-Market Low
Advertisment
The S&P 500 fell deeper into a bear market on Tuesday after setting a new 2022 low, while the benchmark 10-year Treasury yield continued to climb to levels not seen in at least a decade.
The Dow Jones Industrials headed south 125.82 points by the closing bell Tuesday to 29,134.99.
The S&P 500 dipped 7.75 points to 3,647.29
The NASDAQ Composite stayed afloat 26.58 points to 10,829.50.
The S&P 500 is now 24.3% below its record set in January, while the Dow is 21.2% below its all-time high. The NASDAQ has fallen more than 33% since hitting a record in November.
A rally in the British pound also fizzled, with sterling trading just 0.4% higher at about $1.07 against the dollar. The pound earlier rose more than 1% against the U.S. dollar, in an attempt to rebound from an all-time low set earlier in the week.
The moves come after five straight days of losses for stocks, with the S&P 500 closing at its lowest level since 2020.
The Dow dropped more than 300 points on Monday, putting it in a bear market after falling more than 20% below its record high. The 30-stock average also posted its lowest closing level since late 2020.
Treasury prices lost ground, pushing up yields to 3.97% from Monday's 3.90%. Treasury prices and yields move in opposite direction.
Oil prices regained $1.83 to $78.54 U.S. a barrel.
Gold prices jumped $2.30 to $1,635.70 U.S. an ounce.
MENAFN27092022000212011056ID1104935242
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.