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Wall Street closed out a miserable September on Friday with the S&P 500’s worst monthly skid since March 2020, when the coronavirus pandemic crashed global markets.
The benchmark index ended the month with a 9.3 percent loss and posted its third straight losing quarter. It's now at its lowest level since November 2020 and is down by more than a quarter since the start of the year.
The main reason financial markets continue to struggle is fear about a possible recession, as interest rates soar in hopes of beating down the high inflation that’s swept the world.
"Quite frankly, if it's a deep recession you're going to have to see more of a sell-off,” said Quincy Krosby, chief equity strategist for LPL Financial. "This is what the market is trying to navigate now.”...