Stocks fell again on Monday, following four straight weeks of declines, as investors grew increasingly concerned higher energy prices stemming from the Russia-Ukraine conflict would slow the economy while raising inflation.
The Dow Jones Industrial Average lost about 720 points, or 2.1%. The S&P 500 declined 2.6%, falling deeper into correction territory. The 500-stock average sits nearly 12% from its record close. The Nasdaq Composite lost 3%, and not sits 19% from its all-time close.
As the Russia- Ukraine war continues, investors are monitoring the potential economic ramifications of disruptions in the global supply of energy.
“Consequently, ‘stagflation’ is rapidly becoming the central focus in portfolio strategies,” said Jim Paulsen, chief investment strategist for the Leuthold Group. “Preparing for slower growth and more persistent inflation is driving investor fears and actions.”
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