Jason Hardzewicz, left, works at his post on the floor of the New York Stock Exchange on Monday.NEW YORK – Shaky economies and plunging currencies in the developing world fueled a global sell-off in stocks Monday as fearful investors pushed prices lower across Asia and Europe, but many of the drops were not as steep as last week.
In the U.S. and other rich countries with healthier economies, investors also retreated, although the selling was more modest.
Major indexes in both Hong Kong and Tokyo fell more than 2 percent. The selling then spread to Europe and the U.S., as stocks slipped across the board, but the declines were much less than on Friday, when the U.S. market ended its worst week since 2012.
Jack Ablin, chief investment officer at BMO Private Bank, said he was encouraged that the U.S. losses were limited.
“We have an accelerating economy, low inflation and accommodative monetary policy,” he said. “The world isn’t falling apart.”