Stocks closed lower on Wall Street, easing back after posting a big gain last week on hopes that the worst of the nation’s inflation may finally have passed.
The S&P 500 lost 0.9% Monday after drifting between gains and losses for much of the day.
Some analysts have called Wall Street’s rally from last week overdone, saying one month of encouraging data isn’t enough to say inflation will soon be under control.
Fed officials have also urged caution, though its vice chair on Monday called it reassuring and said smaller rate hikes may be on the way.
On Monday:
The S&P 500 fell 35.68 points, or 0.9%, to 3,957.25.
The Dow Jones Industrial Average fell 211.16 points, or 0.6%, to 33,536.70.
The Nasdaq fell 127.11 points, or 1.1%, to 11,196.22.
The Russell 2000 index of smaller companies fell 21.49 points, or 1.1%, to 1,861.25.
For the year:
The S&P 500 is down 808.93 points, or 17%.
The Dow is down 2,801.60 points, or 7.7%.
The Nasdaq is down 4,448.75 points, or 28.4%.
The Russell 2000 is down 384.06 points, or 17.1%.
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