Dow falls 500 points as stocks hit session lows during final hour of trading

U.S. stocks tumbled to their lowest levels of the session Monday afternoon as commentary from senior Federal Reserve officials added to the market’s woes...

U.S. stocks tumbled to their lowest levels of the session Monday afternoon as commentary from senior Federal Reserve officials added to the market’s woes during a session that has been dominated by news of spreading unrest in China. The Dow Jones Industrial Average DJIA, -1.52% fell 500 points, or 1.5%, to 33,846, while the S&P 500 SPX, -1.66% declined 63 points, or 1.6%, to 3,962. The Nasdaq Composite COMP, -1.75% retreated 174 points, 1.6%, to 11,051.

John Williams, president of the New York Fed, warned that unemployment could climb to 5% next year due to the central bank’s aggressive interest-rate hikes, while St. Louis Fed President James Bullard said the central bank will likely need to hike rates higher than many currently expect. Earlier, news of spreading protests opposing President Xi Jinping’s zero-COVID measures had rippled across global markets due to fears that they might further hinder growth in the world’s second-largest economy.

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