Stocks are broadly lower on Wall Street in afternoon trading Monday as investors weigh a surprisingly good economic report that highlights the Federal Reserve’s difficult fight against inflation.
The S&P 500 fell 2.1 percent as of 2:46 p.m. Eastern, and was on pace for a third straight drop. The slide has more than offset the index’s gains last week. The Dow Jones Industrial Average fell 563 points, or 1.6 percent, to 33,866 and the Nasdaq composite fell 2.3 percent.
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Bond yields mostly headed higher. The yield on the 10-year Treasury, which influences mortgage rates, rose to 3.60 percent from 3.49 percent late Friday.
The services sector, which makes up the biggest part of the U.S. economy, showed surprising growth in November, according to the Institute for Supply Management. The report is positive for the broader economy, but it makes…