Stocks plunge as recession fears mount

The Dow (INDU) tumbled 764 points, or 2.5%, in afternoon trading. The S&P 500 (SPX) and the Nasdaq (COMP) Composite were down 2.9% and 3%, respectively.

If the Dow finishes at or below 29,439.72, it would mark a 20% fall from the indexes record close of 36,799.65 set on January 4, and send the index into an official bear market. The index is currently on track to close the day below 30,000 points for the first time since June 17. A more sizable plunge could land the index at a two-year low Friday.

The S&P 500, at 3,674, is also flirting with its June 16 closing low of 3,666.67.

“We are now in another downswing in the ongoing bear market,” said Brad McMillan, chief investment officer for Commonwealth Financial Network. “This year, there have been four drops and three rallies—and we are down quite a bit. That doesn’t feel good.”

Investors don’t have many places to make money at the moment: In addition to sinking stocks, the bond market is also selling off, sending US Treasury yields…

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