Markets: No safe place to hide from the bear

Why is the stock market value declining?

Wall Street.
(Image credit: Spencer Platt/Getty Images)

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In a "dismal" week for the stock market, "higher prices stunned consumers" while companies that were supposed to be safe havens drove a "broad market rout," said Andrew Edgecliffe-Johnson in the Financial Times. Last week, the S&P 500 dipped briefly into bear-market territory, down 20 percent from its most recent high. "Unexpectedly bad earnings announcements" from the retail giants Target and Walmart "led to their steepest stock market falls since Black Monday in 1987." Investors already burned by fading tech stocks had an ugly awakening. The news set off worries that price increases "have reached the limit of what consumers will tolerate," and that Americans were "holding off on big purchases as inflation soared." Meanwhile, businesses, still mired in supply chain disruptions, are "struggling to contain their own costs."

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