Stocks closed higher Monday, but still logged their worst monthly loss since the early days of the pandemic, as Wall Street closes a tumultuous January wracked by worries that imminent interest-rate hikes will make everything in markets more challenging. The S&P 500 rose 1.9%, but it’s still down 5.9% since setting a record exactly four weeks ago. It lost 5.3% this month, its worst since falling 12.5% in March 2020, when it hit bottom after the pandemic suddenly shut down the global economy. The yield on the 10-year Treasury rose to 1.79% from 1.77% Friday.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Stocks are rising Monday, trimming some of their worst monthly loss since the early days of the pandemic, as Wall Street closes a tumultuous January wracked by worries that imminent interest-rate hikes will make everything in markets more challenging.
The S&P 500 was 1.2% higher, as of 3:28 p.m. Eastern time. It’s nevertheless still down 6.5% since setting a record exactly four weeks ago and is on track for a loss of 5.9% this month. That would be its worst since falling 12.5% in March 2020, when it hit bottom after the pandemic suddenly shut down the global economy.
The Dow Jones Industrial Average was up 223 points, or 0.7%, at 34,952, after erasing an earlier loss of 229 points, and the Nasdaq composite was 2.4% higher.
