Stocks fell on Wall Street and put major indexes deeper into a slump as recession fears grow.

The S&P 500 fell 1% Monday. The Dow Jones Industrial Average and the Nasdaq also fell.

The losses were broad and included banks, health care companies and retailers. The British pound slumped 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.

Treasury yields continued to rise as the Federal Reserve and other global central banks step up their fight against inflation.