Wall Street joins global slump for stocks; S&P 500 down 1.7%
By STAN CHOE and DAMIAN J. TROISE
AP Business Writers
NEW YORK (AP) — Wall Street is joining a worldwide slump for financial markets on Monday amid worries about how badly the omicron variant, inflation and other forces will hit the economy. The S&P 500 was 1.7% lower in afternoon trading, following up on similar drops across Europe and Asia. Stocks of oil producers fell sharply after the price of U.S. crude fell 4.9%. Markets are also absorbing the potential death blow to a proposed $2 billion spending plan by the U.S. government, as well as the Federal Reserve’s momentous move last week to accelerate its exit from the tremendous support it’s providing the economy.