Home Economy Wall Street Stabilizes in Bear Market Territory as Fed Decision Approaches

Wall Street Stabilizes in Bear Market Territory as Fed Decision Approaches

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Such concerns have driven the sell-off in markets in the United States this year. On Monday, the S&P 500, the benchmark stock index, lost 3.9 percent, wiping out $1.28 trillion in market value. Since reaching a record high in January, the S&P 500 has fallen 22 percent, marking the seventh bear market in the last 50 years.

The weakness in stock markets continued in the Asia-Pacific region on Tuesday, although some markets pared their losses by the close. Japan’s Nikkei index was down 1.3 percent, while in Australia, the key stock index tumbled about 3.5 percent, the biggest single-day drop in two years.

Stock indexes across Europe opened higher but then slumped. The Stoxx Europe 600 fell 1.3 percent, after climbing as much as 1 percent, extending its losses into a sixth consecutive day.

At the same time, cryptocurrencies continued their decline amid a series of market crashes. On Monday, Celsius Network, an experimental cryptocurrency bank, froze…

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