Wall Street runs for cover on global market fears

U.S. stocks were lower at the start of the week while concerns over global growth hit the banks.

However, later in the afternoon oil related stocks bounced and supported Wall Street off its lows in to the close. The Nasdaq fell 1.82 percent, to 4,283, while the Dow was down 1.09 percent, to 16,028.83. The S&P 500 lost .41 percent, to 1,853.55.

The main theme this week is indeed the price of oil and sticks while the markets begin to fear the worse, that not only will the Fed be unable to continue gradually increasing rates, but the US economy was not ready for rate hikes in the first place and such a move may have only made matters worse in an economy that could be headed for a recession.

Yellen will be keenly watched this week when she testifies and markets will be expecting the same optimistic outlook ,but will be on red alert should there be a hint of dovishness or contradictions.

U.S. stocks were lower at the start of the week while concerns over global growth hit the banks.

(Market News Provided by FXstreet)