Stocks fall sharply but end off lows as Dow averts bear market

Stocks ended with sharp declines, but off session lows, with the Dow Jones Industrial Average averting a bear market as it posted its lowest close of 2022. Equities fell sharply as government bond yields soared following the Federal Reserve’s rate increase and tightening by other central banks and as the U.S. dollar soared versus major rivals. The Dow DJIA, -1.62% ended around 486 points lower, down 1.6%, near 29,590, according to preliminary figures. The Dow fell more than 800 points at its session low and temporarily traded below the threshold that would have seen the blue-chip gauge fall into a bear market. The S&P 500 SPX, -1.72% fell 1.7% to end near 3,693, after trading below its June 16 closing low of 3,666.77, during the session. The Nasdaq Composite COMP, -1.80% shed 1.8% to finish near 10,868.