S&P 500, DOW JONES, AND NASDAQ LOSE ALL GAINS UNDER BIDEN
Key Points:
The S&P 500 closed down 151 points at 3,749.84 on Monday, notably below the 3,798.91 level, which is where it closed on Jan. 19, 2021.
The Dow Jones index also fell below the pre-inauguration levels of 31,930 to 30,516 on Monday.
The Nasdaq index fell below the pre-inauguration levels of 13,197 long ago.
Monday’s market plunge put the S&P back in bear market territory and hit a new 52-week low. It was part of a broader financial downturn that saw the DJIA fall 876 points and Nasdaq tumble 530.
The drops come as the 2-year Treasury yield rose to its highest level since 2007, as investors anticipate the Federal Reserve taking more aggressive action to control inflation.