Stocks fall amid recession fears

All three major US stock market indices continued falling sharply amid reports of an impending recession and rising gas prices Read Full Article at RT.com

Stocks fall amid recession fears

Stocks fall amid recession fears

Dow Jones, Nasdaq and S&P 500 continue losing streak

All three major US stock market indices continued their downward slide on Monday, amid growing expectations of significant rate hikes from the Federal Reserve and an emerging consensus of economists that the country was entering a recession.

The Dow Jones Industrial Average closed at 30,516.74 for a drop of almost 900 points, or 2.79% from the morning’s open. At one point, shortly before closing, the index of blue-chip securities was down more than 1,000 points. 

The US markets’ downward slide began in May, after the Federal Reserve announced it would raise the key interest rate by 50 basis points and start selling off assets, in order to combat runaway inflation. By May 22, stocks already had their longest losing streak since the one in 1932 that triggered the Great Depression.

a record low.

Meanwhile, the price of gas at the pump reached the national average of $5 a gallon on Saturday, an all-time high.