Stocks closed lower on Wall Street as investors brace for higher interest rates from central banks to fight inflation.
The S&P 500 lost 0.9% Monday, the tech-heavy Nasdaq composite lost 1.5% and the Dow Jones Industrial Average fell 0.5%. Major indexes are coming off two weeks of losses.
Facebook’s parent company sank after the European Union accused the company of breaching antitrust rules by distorting competition in online classified ads. Treasury yields moved higher and crude oil prices rose.
On Monday:
The S&P 500 fell 34.70 points, or 0.9%, to 3,817.66.
The Dow Jones Industrial Average fell 162.92 points, or 0.5%, to 32,757.54.
The Nasdaq fell 159.38 points, or 1.5%, to 10,546.03.
The Russell 2000 index of smaller companies fell 24.84 points, or 1.4%, to 1,738.58.
For the year:
The S&P 500 is down 948.52 points, or 19.9%.
The Dow is down 3,580.76 points, or 9.9%.
The Nasdaq is down 5,098.94 points, or 32.6%.
The Russell 2000 is down 506.73 points, or 22.6%.
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