Alva Review-Courier -

The Dow Jones Industrial Average became the last of the major U.S. stock indexes to fall into what's known as a bear market Monday as the market deepened its slump amid growing fears of a global recession.

The blue chip index fell 1.1%, while the S&P 500 closed 1% lower and the Nasdaq dropped 0.6% as the indexes extended their losing streak to a fifth day.

The British pound dropped to an all-time low against the dollar and investors continued to dump British government bonds in displeasure over a sweeping tax cut plan announced in London last week.

Markets in Europe closed mostly lower. The he...