Stocks slide as strong data suggest Fed has more work to do
NEW YORK (AP) – 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.