Stocks tanked on Monday, pushing the S&P 500 to a new low for the year amid growing concerns that the Federal Reserve’s plan to raise interest rates could be too much for the economy and stock market to handle.
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 more than 7 percent so far for the month. The S&P 500 is now in the red for 2018 by 4 percent.
Shares of Amazon and Goldman Sachs led the declines.
DoubleLine Capital CEO Jeffrey Gundlach said Monday that he believes the S&P 500 will drop below the early 2018 lows. All 30 stocks in the Dow and all 11 sectors in the S&P 500 posted losses on Monday.