Wall St slides as oil prices surge, Nasdaq confirms bear market

Nasdaq ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition. That marks the Nasdaq's first bear market since 2020, when the coronavirus outbreak crushed global economies.purchasing Instinet Group Inc.'s electronic trading network for $934.5 million. (AP Photo/Nasdaq/Rob Tannenbaum) *** Local Caption *** DEAL CLINCHED: The video screens on the Reuters building announce the acquisition of Instinet by Nasdaq, as seen from the Nasdaq Marketsite observation level. — Reuterspic

NEW YORK: Wall Street's main indexes fell sharply on Monday, with the Nasdaq Composite confirming it was in a bear market, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fueled concerns about rising inflation.

Nasdaq ended down 20.1% from its Nov. 19 record high close, confirming the tech-heavy index has been in a bear market since hitting that record high, according to a widely used definition. That marks the Nasdaq's first bear market since 2020, when the coronavirus outbreak crushed global economies.