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Stocks closed lower on Wall Street and Treasury yields rose after surprisingly strong economic reports highlighted the Federal Reserve’s difficult fight against inflation.
The S&P 500 fell 1.8% Monday. The Dow Jones Industrial Average lost 1.4% and the tech-heavy Nasdaq gave back 1.9%. Small-company stocks fell even more.
The services sector, which makes up the biggest part of the U.S. economy, showed surprising growth in November. V.F. Corp., which makes Vans shoes and The North Face outdoor gear, sank after cutting its revenue forecast and announcing the departure of its CEO.
The S&P 500 fell 72.86 points, or 1.8%, to 3,998.84.
The Dow Jones Industrial Average fell 482.78 points, or 1.4%, to 33,947.10.
The Nasdaq fell 221.56 points, or 1.9%, to 11,239.94.
The Russell 2000 index of smaller companies fell 52.62 points, or 2.8%, to 1,840.22.
The S&P 500 is down 767.34 points, or 16.1%.
The Dow is down 2,391.20 points, or 6.6%.
The Nasdaq is down 4,405.03 points, or 28.2%.
The Russell 2000 is down 405.09 points, or 18%.