US stocks closed lower on Monday on market fears over a strong US dollar.
The Dow dropped more than 300 points and entered a bear market—down 20% or more from its recent high—for the first time since the beginning of the pandemic.
The British pound hit a record low against the US dollar on Monday. The Federal Reserve's aggressive hiking policy and Britain's recent tax cut announcements caused the dollar to surge. The euro also hit its lowest value versus the dollar since 2002.
Investors worried about the dollar's rally, Societe Generale's Kit Juckes noted on Monday, as large surges historically occur alongside global economic crises.
The Dow closed down 326 points, or 1.1%.
The S&P 500 fell by 1%.
The Nasdaq Composite closed 0.6% lower.
As stocks settle after the trading day, levels might still change slightly.