After stock market’s worst start in 50 years, some see more pain ahead

WALL Street set records in the first half of the year, none of them good.

The economy is on the cusp of a recession, battered by high inflation and rising interest rates, which eats into paycheques, dents consumer confidence and leads to corporate cutbacks. As it has teetered, markets have tanked.

The stock market is on track for its worst first six months of the year since at least 1970. The S&P 500 index, the cornerstone of many stock portfolios and retirement accounts, peaked in early January and has fallen 19.9 per cent over the past six months.