U.S. stocks plunged in early trading Monday as investors fretted over mounting inflation and geopolitical tensions, before making up that ground in afternoon trading as financial markets whipsawed.
The S&P 500 slumped in morning trade to enter what the market considers a "correction" — a drop of 10% or more from its most recent high. The stock index is down nearly 11% from the high it set on January 4. That amounts to the worst-ever start to a new year for the S&P 500, according to Bloomberg.
Extending a run of losses, the Dow fell more than 1,000 points Monday morning, or nearly 3%, to 33,256, and was down about 10% from its high on January 4. The tech-heavy Nasdaq Composite declined 4.4% in morning trade, extending the recent losing streak from its November high to nearly 18% — a figure approaching the 20% decline marker that defines a "bear" market.
But markets regained those losses in the afternoon to end the day in positive territory. The S&P 500 closed at 4,410, up 0.3%, while the Dow and Nasdaq rose 0.3% and 0.6%.
(CBS News)Â
