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VOA News 220613_08pm

VOA 2-min news 220613_08pm

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VOA 2-min news 220613_08pm



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This is VOA News. Reporting by remote, I am Richard Green.

Wall Street entered into a so-called bear market Monday, due to fears about a fragile economy and stubbornly high inflation.

The S&P 500 sank 3.9 percent Monday, falling more than 20 percent below the record high it set in January.

The Dow Jones Industrial Average was down 2.4 percent, while the NASDAQ Composite was four percent lower.

Americans are confronting soaring prices for gasoline and groceries while their gains in investment accounts are evaporating. That is putting pressure on US President Joe Biden and his administration.

VOA's chief national correspondent, Steve Herman in Washington, has details.

With President Biden's approval rating sinking as calls for commodities soar and stock prices' plunge, his administration finds itself increasingly on the defensive, less than six months before key midterm elections.

“The President has focused on delivering for the American people,” Press Secretary Karine Jean-Pierre responded to reporters Monday when asked about Biden's unpopularity among voters.

Asked about the dismal economic picture as a key US stock-index standard entered a bear market, the press secretary said this.

"The American people are well-positioned to face these challenges."

The Federal Reserve, which is America's central bank, is expected this week to again hike interest rates in an attempt to tame inflation.

Steve Harmon VOA News, Washington.

Cryptocurrencies also declined Monday. Bitcoin tumbled more than 14 percent from a day earlier and dropped below $23,400, down from a peak of $68,990 late last year.

Cryptocurrencies soared early in the pandemic as ultra-low rates encourage some investors to pile into the risky investments.

A Ukrainian official said Russian troops have pushed into the center of the eastern city of Sievierodonetsk and continue to shell a chemical plant sheltering hundreds of soldiers and civilians.

This is VOA News.

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