Stocks recovered from big early losses Monday as investors jumped in before the closing bell. The Dow Jones Industrial Average swung 1,217 points and closed up 0.3% after dropping 1,000 points as investors anticipated inflation-fighting measures from the Federal Reserve and fretted over possible conflict between Russia and Ukraine. Benchmark indexes flirted with near 4-month lows as the market readies for the Fed to raise interest rates to tame inflation, which is at its highest level in nearly four decades. Retailers notched some of the biggest gains: Gap jumped nearly 8%.
(asterisk)(asterisk)(asterisk)THIS IS A BREAKING NEWS UPDATE.(asterisk)(asterisk)(asterisk) AP’s earlier story appears below.
Stocks fell sharply on Monday as investors anticipated inflation-fighting measures from the Federal Reserve and fretted over the possibility of conflict between Russia and Ukraine.
The stock market extended its three-week decline and put the benchmark S&P 500 on track for a so-called correction — a drop of 10% or more from its most recent high. The price of oil and bitcoin fell, and so did the yield on 10-year Treasury notes, a sign of investor concern about the economy.
