Markets tumble worldwide, bear market nears on Wall Street

NEW YORK — Wall Street is tumbling even more Monday, sending the S&P 500 down more than 20% from its record, on worsening fears about a possible recession given how stubborn inflation has become.

No one thinks the Fed will stop there, with markets bracing for a continued series of bigger-than-usual hikes.

The pain was worldwide as investors braced for more aggressive moves from a coterie of central banks. On Wall Street, the S&P 500 was 21.3% below its record set early this year. If it finishes the day more than 20% below that high, it would enter what investors call Bears hibernate, so bears represent a market that’s retreating, said Sam Stovall, chief investment strategist at CFRA. In contrast, Wall Street’s nickname for a surging stock market is a bull market, because bulls charge, Stovall said.

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