{"id":1513520,"date":"2022-06-13T11:49:10","date_gmt":"2022-06-13T15:49:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1513520"},"modified":"2022-06-13T12:13:47","modified_gmt":"2022-06-13T16:13:47","slug":"bloodbath-on-wall-street-as-stock-market-plunges-into-bear-territory","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bloodbath-on-wall-street-as-stock-market-plunges-into-bear-territory\/","title":{"rendered":"Bloodbath On Wall Street As Stock Market Plunges Into Bear Territory"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbloodbath-on-wall-street-as-stock-market-plunges-into-bear-territory%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1513520&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A plethora of poor <a href=\"http:\/\/dailywire.com\/topic\/economy\">economic<\/a> news caused a massive <a href=\"http:\/\/dailywire.com\/topic\/stock-market\">stock market<\/a> selloff on Monday morning.<\/p>\n<p>Within an hour and a half of trading, the Dow Jones Industrial Average fell over 2.5%, the S&#038;P 500 fell over 3.5%, and the Nasdaq fell nearly 4%.<\/p>\n<p>\u201cMarkets around the world tumbled, as higher-than-expected inflation and lower-than-expected economic growth upend the outlook for interest rates and corporate profits,\u201d <a href=\"https:\/\/www.nytimes.com\/2022\/06\/13\/business\/stocks-bonds-crypto.html\">The New York Times<\/a> reported. \u201cStocks in Asia and Europe fell, investors dumped government bonds, oil prices slipped and cryptocurrencies crashed.\u201d<\/p>\n<p>Headlining the bad news in the United States is <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">runaway inflation<\/a>, which hit 8.6% last month for a fresh four-decade high. Even as wages nominally grew between May 2021 and May 2022, real wages\u00a0<a href=\"https:\/\/www.bls.gov\/news.release\/realer.nr0.htm\">dropped<\/a> by 3% due to the faster rate of inflation. High energy prices continue to plague American consumers as prices at the pump reached a national average of <a href=\"https:\/\/www.dailywire.com\/news\/gas-prices-hit-grim-national-average-of-5-per-gallon\">$5 per gallon<\/a>.<\/p>\n<p>Last week on Wall Street was also marked by <a href=\"https:\/\/www.dailywire.com\/news\/stock-market-sees-worst-week-since-january-after-gas-hits-5-inflation-reaches-new-high\">investors jettisoning their assets<\/a>. The Dow had fallen 2.73%, the Nasdaq had dropped 3.52%, and the S&#038;P 500 had fallen 2.91% by Friday afternoon.<\/p>\n<p>Many economists are watching the <a href=\"http:\/\/dailywire.com\/topic\/federal-reserve\">Federal Reserve<\/a> as it considers a faster rollback of its aggressive monetary stimulus. Although the central bank already introduced two interest rate hikes this year \u2014 0.25% in March and 0.5% in May \u2014 a 0.75% rate hike may now be <a href=\"https:\/\/www.yahoo.com\/now\/fed-seen-extending-steep-rate-144215947.html\">on the table<\/a>.<\/p>\n<p>Polls consistently indicate that Americans are overwhelmingly worried about rising price levels. In a Harvard <a href=\"https:\/\/www.dailywire.com\/news\/poll-95-of-voters-say-inflation-is-somewhat-or-very-serious\">survey<\/a> last month, 95% of respondents said inflation is \u201cvery serious\u201d or \u201csomewhat serious.\u201d A plurality \u2014 47% \u2014 said that the Biden administration is responsible.<\/p>\n<p>An early May <a href=\"https:\/\/www.dailywire.com\/news\/94-percent-of-americans-concerned-about-inflation-overwhelmingly-trust-republicans-to-handle-it-poll\">poll<\/a> from The Washington Post and ABC News revealed that 94% of Americans were either \u201cupset\u201d or \u201cconcerned\u201d about the impact of skyrocketing prices. President Joe Biden\u2019s approval rating was underwater, with 42% of respondents approving of his work and 52% disapproving.<\/p>\n<p>Biden, however, attributed the dismal inflation news to \u201cPutin\u2019s Price Hike\u201d \u2014 a reference to the Russian invasion of Ukraine. He also <a href=\"https:\/\/www.dailywire.com\/news\/president-biden-blames-vladimir-putin-for-record-high-inflation\">pinned the blame<\/a> on purported corporate price-gouging and wealthy Americans failing to pay higher taxes.<\/p>\n<p>\u201cPrices at the pump are a major part of inflation, and the war in Ukraine is a major cause of that. The United States is on track to produce a record amount of oil next year, and I am working with the industry to accelerate this output,\u201d Biden said in a statement. \u201cBut it is also important that the oil and gas and refining industries in this country not use the challenge created by the war in Ukraine as a reason to make things worse for families with excessive profit taking or price hikes.\u201d<\/p>\n<p>As the United States and other leading economies continued to face economic headwinds, the World Bank cut its 2022 <a href=\"https:\/\/www.dailywire.com\/news\/sharpest-slowdown-in-80-years-world-bank-releases-ominous-news-about-recession-risk\">global growth forecasts<\/a> from 4.1% to 2.9% and warned of the \u201csharpest slowdown in 80 years.\u201d<\/p>\n<p>\u201cGlobal inflation is expected to moderate next year but it will likely remain above inflation targets in many economies,\u201d the World Bank said. \u201cIf inflation remains elevated, a repeat of the resolution of the earlier stagflation episode could translate into a sharp global downturn along with financial crises in some emerging market and developing economies.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A plethora of poor economic news caused a massive stock market selloff on Monday morning. Within an hour and a half of trading, the Dow Jones Industrial Average fell over 2.5%, the S&#038;P 500 fell over 3.5%, and the Nasdaq fell nearly 4%. \u201cMarkets around the world tumbled, as higher-than-expected inflation and lower-than-expected economic growth &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1513637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1513520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1513520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1513520"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1513520\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1513637"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1513520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1513520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1513520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}