NEW YORK, New York – The slow-winding crash in U.S. stocks continued on Monday with share prices falling to steep lows, as global stock markets succumbed to the ravages of raging inflation.
“Anyone who wants to be bullish can’t find anything to hang their hat on,” Jack Ablin, founding partner of Cresset Capital told CNBC Monday. “There’s nothing out there right now with valuations under question, with interest rates rising, the direction of the economy uncertain.”
The Nasdaq Composite did worst percentage-wise, diving 530.80 points or 4.68 percent to 10,809.23.
The Dow Jones industrials plummeted 876.05 points or 2.79 percent to 30,516.74.
The Standard and Poor’s 500 sank 151.23 points or 3.88 percent to 3,749.63.
The U.S. dollar surged as stocks fell. The euro fell to 1.0412 around the New York close Monday. The British pound sank to 1.2123. The Japanese yen remained mired around multi-decade lows at 134.37. The Swiss franc was sharply lower at 0.9982.
The Canadian dollar slumped to 1.2889. The Australian dollar tumbled to 0.6922. The New Zealand dollar dived to 0.6252.
Overseas the carnage in equity markets was just as severe. The FTSE 100 in London dived 1.53 percent. In Germany, the Dax tumbled 2.43 percent. The Paris-based CAC 40 dropped 2.67 percent.
In Japan, the Nikkei 225 plunged 836.86 points or 3.01 percent to 26,987.44.
China’s Shanghai Composite gave up 29.28 points or 0.89 percent to 3,255.55.
In New Zealand, the S&P/NZX 50 sank 211.56 points or 1.90 percent to 10,924.74.
South Korea’s Kospi Composite retreated 91.36 points or 3.52 percent to 2,504.51.
The Hang Seng in Hong Kong declined 738.60 points or 3.39 percent to 21,067.58.
The Australian stock markets were closed Monday to mark a public holiday for the Queen’s Birthday.