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    May 9, 2022 GMT

    NEW YORK (AP) — Wall Street is tumbling toward its lowest point in more than a year on Monday as renewed worries about China’s economy pile on top of markets already battered by rising interest rates.

    The S&P 500 was 2.2% lower in morning trading after coming off its fifth straight losing week, its longest such streak in more than a decade. It joined a worldwide swoon for markets Monday. Not only did stocks fall across Europe and much of Asia, but so did everything from old-economy crude oil to new-economy bitcoin.

    “"Every dog has a day"”

    The Dow Jones Industrial Average was down 487 points, or 1.5%, at 32,412, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 3.1% lower. Monday’s sharp drop leaves the S&P 500, Wall Street’s main measure of health, down nearly 16% from its record set earlier this year.