U.S. stocks slumped Monday after higher yields in the bond market caused by a strong U.S. economy cranked up the pressure on Wall Street. The S&P 500 tumbled 1.2%, following up on its 1.6% loss from last week, which was its worst since October. The Dow Jones Industrial Average dropped 248 points, or 0.7%, and the Nasdaq composite slumped 1.8%.
2% to its loss in the afternoon and was the second-largest force weighing on the S&P 500. Helping to keep the losses in check were some financial companies that reported encouraging earnings for the start of the year. The pressure is on companies broadly to deliver fatter profits because interest rates look so much less likely to offer support in the near term. Goldman Sachs rose 2.9% following its report. M&T Bank climbed 4.
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