Stocks booked back-to-back losses on Monday, with the Dow adding to its 1,000-point skid Friday after Federal Reserve Chairman Jerome Powell vowed not to back down on fighting inflation until U.S. costs of living fall back to its 2% target range. The Dow Jones Industrial Average
DJIA,
shed about 183 points, or 0.6%, to end near 32,099. The S&P 500 index
SPX,
shed about 0.7%, while the Nasdaq Composite Index
COMP,
saw the brunt of the day’s losses, ending down 1%, according to FactSet. The S&P 500 and Dow both briefly flipped positive earlier in Monday’s session, but failed to hold those gains as losses mounted heading into the closing bell. Investors still were digesting Powell’s short, but blunt speech at the annual Jackson Hole economic symposium, which was viewed as trigger of Friday’s sharp selloff in equities. The Fed’s more hawkish tone also sent the 10-year Treasury yield up by 7.5 basis points to 3.109% on Monday, the highest level since June 28, according to Dow Jones Market Data based on 3 p.m. Eastern yields.
