Markets tumble worldwide, bear market growls on Wall Street

The center of Wall Street’s focus was again on the Federal Reserve, which is scrambling to get inflation under control.

NEW YORK — Wall Street is tumbling even more Monday, sending the S&P 500 down more than 20% from its record, on worsening fears about a possible recession given how stubborn inflation has become.

The S&P 500 was 3.3% lower in investors’ first chance for trading after getting the weekend to reflect on the stunning news that inflation is getting worse, not better. The Dow Jones Industrial Average was down 738 points, or 2.4%, at 30,653, as of 10:30 a.m. Eastern time, and the Nasdaq composite was

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