Wall Street’s losses worsen as markets tumble worldwide
The S&P 500 is down 2.6% in midday trading. Renewed worries about China’s economy on Monday are piling on top of markets already battered by rising interest rates.
Not only did stocks fall across Europe and much of Asia, but so did everything from old-economy crude oil to new-economy bitcoin.
Most of this year’s damage has been the result of the Federal Reserve’s aggressive flip away from doing everything it can to prop up financial markets and the economy to fighting inflation.