U.S. stocks fell more than 1,100 points Monday as the market sell-off continued, with concerns about potential rising inflation and tighter Federal Reserve policy remaining in the forefront.
In contrast, economic news was positive with growth in the U.S. services sector accelerating in January, improving noticeably from the prior two months as the ISM non-manufacturing index exceeded economists’ expectations.
In corporate news, shares of Wells Fargo traded sharply lower after the company announced that it had received a more punitive than expected consent order from the Federal Reserve regarding the company’s past sales-practice issues.
U.S. Treasuries were higher.
Volume on the New York Stock Exchange was high, with 1.3 billion shares traded. Decliners outnumbered advancers by a wide margin.
Gold rose $3.38 to $1,338.35, silver rose 16 cents to $16.75, and crude oil fell $1.64 to $63.81 a barrel.
The 30-year Treasury yield closed lower at 3.01 percent, and the 10-year Treasury yield finished lower at 2.72 percent.