Stock market tumbles in early trading as economists cite recession risks
CBSN
Stocks in the U.S. resumed their dizzying drop in early trade Monday as fear grips investors unsettled by the Trump administration's raft of new tariffs on imports.
The S&P 500 was down 177 points, or 3.5%, to 4,897 points as of 9:47 a.m. EDT, putting the broad-based index on track to enter a bear market — when stocks fall at least 20% from their most recent high. The Dow fell 1,212 points, or 3.2%, while the Nasdaq Composite lost 556 points, or 3.6%.
Investors have panned President Trump's tariffs, saying they are likely to hit U.S. economic growth and drive up inflation. Goldman Sachs economists cited the barrage of levies on Monday in raising the odds of a recession to 45%.
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