US markets dove Monday, pushing the S&P 500 to a new closing low of the year as investors grew increasingly worried that the Fed’s plan to raise interest rates could be too much for the economy and stock market to handle. The S&P 500 fell as much as -2.5% to 2,530, surpassing its February intraday low and finished the session down -2% at 2,545.94. The Dow lost 507 points to close down -2.1%, bringing its two-day losses to more than 1,000 points. Shares of Amazon and Goldman Sachs led the declines. The Dow and S&P 500, which are both in corrections, are on track for their worst December performance since the Great Depression in 1931, down 7 percent so far for the month. The S&P 500 is now down more than 4 percent for the year. The NASDAQ dropped -2.2% as Microsoft dropped -2.9%. The Russell 2000 entered a bear market, down -20% from its 52-week high.
Shares of Goldman Sachs fell -2.7% Monday after Malaysian authorities filed criminal charges against the bank and two former partners in connection with the 1MDB financial scandal.
