Wall Street set records in the first half of the year, none of them good.
The economy is on the cusp of a recession, battered by high inflation and rising interest rates, which eats into paychecks, dents consumer confidence and leads to corporate cutbacks. As it has teetered, markets have tanked.
The stock market is on track for its worst first six months of the year since at least 1970. The S&P 500 index, the cornerstone of many stock portfolios and retirement accounts, peaked in early January and has fallen 19.9 percent over the past six months.
The sell-off has been remarkably broad, with every sector except energy down this year. Bellwethers including Apple, Disney, JPMorgan Chase and Target have all fallen more than the overall market.
And that’s only part of the horror story for investors and companies this year. » | Isabella Simonetti | Thursday, June 30, 2022
