Stocks end with back-to-back losses after Dow’s 1,000-point skid on Friday

Shares booked back-to-back losses on Monday, with the Dow including to its 1,000-point skid Friday after Federal Reserve Chairman Jerome Powell vowed to not again down on combating inflation till U.S. prices of dwelling fall again to its 2% goal vary. The Dow Jones Industrial Common
DJIA,
-1.02%
shed about 183 factors, or 0.6%, to finish close to 32,099. The S&P 500 index
SPX,
-1.05%
shed about 0.7%, whereas the Nasdaq Composite Index
COMP,
-1.69%
noticed the brunt of the day’s losses, ending down 1%, in accordance with FactSet. The S&P 500 and Dow each briefly flipped constructive earlier in Monday’s session, however failed to carry these positive aspects as losses mounted heading into the closing bell. Traders nonetheless have been digesting Powell’s quick, however blunt speech on the annual Jackson Gap financial symposium, which was seen as set off of Friday’s sharp selloff in equities. The Fed’s extra hawkish tone additionally despatched the 10-year Treasury yield up by 7.5 foundation factors to three.109% on Monday, the very best stage since June 28, in accordance with Dow Jones Market Knowledge based mostly on 3 p.m. Jap yields.