Wall Street Closes Lower, Adding to Last Week’s Losses
Stocks closed broadly lower on Wall Street Monday, adding to their hefty losses from last week when the Federal Reserve pledged to keep interest rates high as long as it takes to tame inflation.
The S&P 500 fell 0.7 percent after wavering between small gains and losses. The Dow Jones Industrial Average fell 0.6 percent and the Nasdaq composite lost 1 percent. Smaller company stocks also fell, pulling the Russell 2000 0.8 percent lower.
The selling was widespread, with technology and health care stocks among the biggest weights on the market. Only energy and utilities stocks rose.
The market is coming off its worst weekly pullback since mid-June after Fed chief Jerome Powell indicated on Friday that the central bank will raise rates into next year and keep them elevated as it tries to quell demand and bring down prices for goods and services….