Stocks fell on Wall Street and put major indexes deeper into a slump as recession fears grow.
The S&P 500 fell 1% Monday. The Dow Jones Industrial Average and the Nasdaq also fell. The losses were broad and included banks, health care companies and retailers.
The S&P 500 fell 0.7% as of 3:24 p.m. Eastern. The Dow Jones Industrial Average fell 270 points, or 0.9%, to 29,314. The tech-heavy Nasdaq slipped 0.1%. Losses were broad in U.S. markets and included banks, health care companies and energy stocks. Bank of America fell 2.2%, Medtronic dropped 1.6% and Marathon Oil slid 3%.
The Fed raised its benchmark rate, which affects many consumer and business loans, again last week and it now sits at a range of 3% to 3.25%. It was at virtually zero at the start of the year. The Fed also released a forecast suggesting its benchmark rate could be 4.4% by the year's end, a full point higher than envisioned in June.
The yield on the 2-year Treasury, which tends to follow expectations for Federal Reserve action, rose significantly to 4.31% from 4.21% late Friday. It is trading at its highest level since 2007. The yield on the 10-year Treasury, which influences mortgage rates, jumped to 3.88% from 3.69%.
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