Wall Street Sinks into Bear Market, Recession Possible as Americans Dip into Savings Just to Pay Soaring Bills

WASHINGTON – After a dismal start to the week on Wall Street, there are growing fears a recession could be coming, and a big decision anticipated Wednesday from the Federal Reserve is causing even more concern. 

The S&P 500, the index tied to most 401K retirement plans, finished down nearly four percent Monday and has now plunged more than 20 percent for the year, officially entering bear market territory. 

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“The overall takeaway is that the recession risk has risen and it looks like it’s going to be a lot harder than anyone anticipated initially,” said Ed Moya, a senior market analyst at Oanda. 

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