Wall Street’s losses worsen as markets tumble worldwide

NEW YORK (AP) — Wall Street is tumbling towards its lowest level in additional than a yr on Monday.

The S&P 500 is down 2.6% in noon buying and selling. Renewed worries about China’s financial system on Monday are piling on prime of markets already battered by rising rates of interest.

Not solely did shares fall throughout Europe and far of Asia, however so did all the things from old-economy crude oil to new-economy bitcoin.

Most of this yr’s injury has been the results of the Federal Reserve’s aggressive flip away from doing all the things it might probably to prop up monetary markets and the financial system to combating inflation.