U.S. stocks slumped after higher yields in the bond market cranked up the pressure on Wall Street.
The S&P 500 fell 1.2% Monday. The Dow Jones Industrial Average slipped 0.7%, and the Nasdaq composite dropped 1.8%. Stocks had been up earlier in the day, rising as oil prices eased. But Treasury yields also spurted higher following the latest report on the U.S. economy to blow past expectations.
Financial markets are in an awkward phase where such strength raises traders’ hopes for growing profits at companies but also hurts expectations for easier interest rates. High rates put downward pressure on stock prices.
On Monday:
The S&P 500 fell 61.59 points, or 1.2%, to 5,061.82.
The Dow Jones Industrial Average fell 248.13 points, or 0.7%, to 37,735.11.
The Nasdaq composite fell 290.08 points, or 1.8%, to 15,885.02.
The Russell 2000 index of smaller companies fell 27.47 points, or 1.4%, to 1,975.71.
For the year:
The S&P 500 is up 291.99 points, or 6.1%.
The Dow is up 45.57 points, or 0.1%.
The Nasdaq is up 873.67 points, or 5.8%.
The Russell 2000 is down 51.37 points, or 2.5%.
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