Traders work on the floor of the New York Stock Exchange after the opening bell on Wall Street in New York City on August 19. On Tuesday, the Down Jones Industrial Average and S&P 500 fell for the sixth straight day. Photo by John Angelillo/UPI | License Photo
Sept. 27 (UPI) -- The Dow Jones Industrial Average and S&P 500 fell for the sixth straight day Tuesday to new bear market lows as Wall Street continued its tumultuous ride amid fears of a recession.
The Dow Jones Industrial Average closed down 125.82 points, or 0.43%, to end the day at 29,134.99 after gaining almost 400 points during earlier trading. The S&P 500 dropped 7.75 points, or 0.21%, to 3,647.29. The Nasdaq Composite edged up 26.58 points, or 0.25%, to 10,829.5.
"We're still concerned that the Fed is going to overdo it and push the economy into a recession," said Art Hogan, chief market strategist at B. Riley Financial, according to CNBC.
The Dow officially entered a bear market on Monday, falling by more than 20% from its previous high to its lowest level since 2020. Tuesdays losses brought the index to 21.1% below its high of 36,939.84 in January. It was the last of the three major U.S. markets to enter a bear market.
The S&P 500, which entered a bear market in June, fell 24.3% below its January record Tuesday, also to its lowest level since 2020. The Nasdaq, which entered a bear market in March, is 33% below its November high.
Analysts expect further losses, with JPMorgan predicting the S&P 500 will bottom out between 3,000 and 3,400 by the end of this year or early 2023, Forbes reported.
The U.S. 10-Year Treasury climbed to 3.97%, approaching the 4% mark not seen since 2008. The 2-year rate dipped in early trading but closed nearly flat at 4.31%.
Energy companies and cruise lines were among the best performing companies on Tuesday.
Shell and Exxon Mobil rose 2.7% and 2.1%, respectively.
Cruise lines rallied following news that Canada would drop its COVID-19 travel restrictions. Royal Caribbean Group gained 7.4%, Norwegian Cruise Line Holdings rose 6.9%, and Carnival climbed 6.7%.