Stocks fall on recession fears; Dow slips into bear market

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Stocks fall on recession fears; Dow slips into bear market
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Major indexes like the S&P 500, the Dow Jones Industrial Average and the Nasdaq took hits. Even the British pound slumped to an all-time low against the dollar.

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A broad slide on Wall Street extended the major indexes' losing streak to a fifth day Monday, deepening a steep market slump amid growing fears of a global recession.

The British pound dropped 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.

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