Stocks Sink as Bears Take Charge, Dollar Rallies: Markets Wrap
- Dollar notches five-day winning streak as risk assets sell off
- S&P 500, Nasdaq 100 both fall 1.5% to three-month lows
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US stocks sank to the lowest since early June Tuesday as confidence in the economy stalled leaving investors to contemplate a protracted period of high interest rates. The dollar extended its winning streak for a fifth day.
The S&P 500 Index and the Nasdaq 100 both fell 1.5% after a report showed consumer confidence in the world’s biggest economy fell to a four-month low. Wall Street’s fear gauge — the Cboe Volatility Index or VIX — ratcheted up, reaching the highest since late May. The MSCI All Country World Index, one of the broadest measures of global equities, fell for an eighth day, matching its longest losing streak in the past decade.