Stocks turn lower on Wall Street after best week since 2020

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Stocks capped a day of choppy trading on Wall Street with a modestly lower finish Monday, giving back some of their recent gains after the major indexes notched their best week in more than a year.

The S&P 500 slipped less than 0.1% after giving up an early gain and bouncing around for much of the day. The Dow Jones Industrial Average fell 0.6%, while the Nasdaq composite slid 0.4%.

“Powell's comments and the bond market's reaction to that put some pressure on the stock market today,” said Willie Delwiche, investment strategist at All Star Charts. In remarks at the National Association of Business Economists, Powell said the Fed would raise its benchmark short-term interest rate by a half-point at multiple Fed meetings, if necessary, to slow inflation. The Fed hasn't raised its benchmark rate by a half-point since May 2000.

Energy stocks made solid gains as oil prices gained ground. U.S. benchmark crude oil jumped 7.1% to settle at $112.12 per barrel, while Brent, the international standard, climbed 7.1% to settle at $115.62. Exxon Mobil gained 4.5%.

 

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