S&P 500 notches new 2022 closing low | Dow falls into bear market | ETFs to play the strong dollar

The broader market index broke below its June closing low as interest rates surged and turmoil rocked global currencies.

VIEW IN BROWSER | SUBSCRIBE MON, SEP 26, 2022 EVENING BRIEF AS OF MON, SEP 26, 2022 • 05:09 ET DJIA 29260.81 -1.11% -329.60 S&P 500 3655.04 -1.03% -38.19 NASDAQ 10802.92 -0.60% -65.00 Most Active DOW NAME LAST CHG %CHG AAPL 150.77 +0.34 +0.23% INTC 26.97 -0.55 -2.00% MSFT 237.45 -0.47 -0.20% S&P 500 NAME LAST CHG %CHG AAPL 150.77 +0.34 +0.23% F 11.99 -0.32 -2.60% AMD 66.30 -1.66 -2.44% NASDAQ NAME LAST CHG %CHG AAPL 150.77 +0.34 +0.23% AMD 66.30 -1.66 -2.44% AMZN 115.15 +1.37 +1.20% EDITOR'S NOTE The S&P 500 notched a new closing low this year, and the Dow Jones Industrial Average fell into bear market territory, on the back of surging interest rates and a global currency market in turmoil.    The S&P 500 tumbled roughly 1% to 3,655.04, dipping below the June closing low of 3,666.77. Meanwhile, the Dow slumped more than 300 points and ended the day at 29,260.81. The 30-stock index has slipped into a bear market, now off 20.4% from its Jan. 4 closing high.   A surging dollar, and an all-time low reached by the British pound, contributed to market volatility on Monday. The British pound fell 4% at one point to a record low of $1.0382. Bond yields also soared, with the 10-year Treasury yield rising to its highest level since 2010. The 2-year Treasury yield reached its highest point since 2007.     "Such U.S. dollar strength has historically led to some kind of financial/economic crisis," wrote Morgan Stanley's Michael Wilson, chief U.S. equity strategist, in a note.  Some on Wall Street say the recent drop in equity markets could point to oversold conditions. According to CFRA's Sam Stovall, the S&P 500 could be poised for a comeback.    "With the 10- and 40-week breadth indicators now again at levels that traditionally indicated a very oversold condition, CFRA thinks the S&P 500 and its constituent sectors and subindustries are ripe for a relief rally," he wrote in a Monday note.    "The only question is whether the rally will have legs or get sold into," Stovall added.  Sarah Min | Investing Reporter at CNBC Pro @_sarahmin Watch our live stream for all you need to know to invest smarter. TOP NEWS  S&P 500 notches new closing low for 2022, Dow falls into bear market as dollar surges Bank of England says it won't hesitate to hike rates after pound falls to historic low Putin grants Russian citizenship to former NSA contractor turned whistleblower Edward Snowden Morgan Stanley sees dollar surge setting the stage for 'something to break' Wall Street's fear gauge hits highest level since June With the dollar surging, these ETFs could help bolster your portfolio Three men charged with fraud in $100 million New Jersey deli scheme The Morgan Stanley strategist who called the bear market says the S&P could fall to the low 3,000s Campaigns spend over $6.4 billion on ads for 2022 elections, making race one of the most expensive ever Biden's student loan relief could cost $400 billion, Congressional Budget Office says TOP VIDEO Short-term Treasury notes provide investors flexibility and strong returns, says Circle Wealth's Maria Chrin CNBC PRO Year-end rally hopes are starting to get dashed. What history tells us about what comes next SPECIAL REPORTS IRS steps up efforts to target U.S. taxpayers who failed to report and pay taxes on cryptocurrency transactions Nearly 6 million older adults are living below the poverty line. These resources can help struggling seniors Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy © 2022 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS