U.S. stocks slid after Treasury yields hit their highest levels since the summer and oil prices continued to climb.
The S&P 500 fell 1% Monday, though it’s still close to its all-time high set a week ago. The Dow Jones Industrial Average dropped 0.9% from its record set on Friday. The Nasdaq composite lost 1.2%.
Stocks felt pressure from jumping Treasury yields, as traders ratchet back forecasts for how deeply the Federal Reserve will cut its main interest rates following Friday’s blowout jobs report. Crude oil prices added to their big gains from the prior week.
On Monday:
The S&P 500 fell 55.13 points, or 1%, to 5,695.94.
The Dow Jones Industrial Average fell 398.51 points, or 0.9%, to 41,954.24.
The Nasdaq composite fell 213.95 points, or 1.2%, to 17,923.90.
The Russell 2000 index of smaller companies fell 19.71 points, or 0.9%, to 2,193.09.
For the year:
The S&P 500 is up 926.11 points, or 19.4%.
The Dow is up 4,264.70 points, or 11.3%.
The Nasdaq is up 2,912.55 points, or 19.4%.
The Russell 2000 is up 166.02 points, or 8.2%.
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