Stocks sink, sending the S&P 500 to a bear market

Traders work on the floor of the New York Stock Exchange (NYSE) on Friday in New York City. Stocks slumped on Monday following a stronger-than-expected report on inflation, sending the S&P 500 to a bear market. (Spencer Platt/Getty Images)

It was a particularly grim day in Wall Street on Monday as fears about inflation intensify.

The S&P 500 slumped nearly 4%, entering a bear market territory, meaning the broad benchmark index has now dropped more than 20% from its most recent high. The S&P 500 had briefly entered a bear market last month but was able to pull back, a feat it was unable to accomplish this time around.