Stocks fall on recession fears; Dow slips into bear market

Stocks closed broadly lower Wall Street and the Dow Jones Industrial Average became the last of the major U.S. indexes to fall into what’s known as a bear market. The S&P 500 fell 1% Monday. The Nasdaq also fell. The losses were broad and included banks, health care companies and energy stocks. The British pound slumped to an all-time low against the dollar and investors continued to dump British government bonds in displeasure over a sweeping tax cut plan announced in London last week. Treasury yields continued to rise as the Federal Reserve and other global central banks step up their fight against inflation.