Wall Street , Hits Bear Market , as Stocks and Crypto Drop.
On June 13, Wall Street plummeted into a bear market as the S&P 500 dropped over 20% below its record set earlier this year.
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The 'Associated Press' reports that the index fell 3.9% in early trading, while the Dow Jones Industrial Average lost 1,000 points before finishing with a loss of 876.
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The 'Associated Press' reports that the index fell 3.9% in early trading, while the Dow Jones Industrial Average lost 1,000 points before finishing with a loss of 876.
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According to 'AP,' the sell-off centers around the Federal Reserve, which is trying to control inflation with a series of interest rate hikes.
According to 'AP,' the sell-off centers around the Federal Reserve, which is trying to control inflation with a series of interest rate hikes.
As those rising interest rates raise concerns of a potential recession, prices fell worldwide for everything from bonds to bitcoin.
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Some of the steepest declines were seen in technology stocks.
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Tesla fell 7.1%, Amazon lost 5.5% and GameStop dropped 8.4%.
Tesla fell 7.1%, Amazon lost 5.5% and GameStop dropped 8.4%.
According to Coindesk, cryptocurrencies also suffered as Bitcoin fell over 14% to drop below $23,400.
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The best thing people can do is to not panic and don’t sell at the bottom, and we’re probably not at the bottom, Randy Frederick, Managing director of trading and derivatives at the Schwab Center for Financial Research, via the 'Associated Press'.
The best thing people can do is to not panic and don’t sell at the bottom, and we’re probably not at the bottom, Randy Frederick, Managing director of trading and derivatives at the Schwab Center for Financial Research, via the 'Associated Press'.
Some economists have speculated that the Fed may raise its key rates again on June 15.
The rumored mega-hike would see key interest rates rise by three-quarters of a percentage point, the largest rate hike since 1994.
The rumored mega-hike would see key interest rates rise by three-quarters of a percentage point, the largest rate hike since 1994
