Stocks closed lower on Wall Street Tuesday, extending the market’s losses into a holiday-shortened week.
The S&P 500 fell 0.4% after bouncing between a gain of 0.5% and a loss of 1%. The Dow Jones Industrial Average fell 0.6% and the Nasdaq lost 0.7%.
The major indexes are coming off their third losing week in a row, part of a late-summer slump that erased much of the benchmark S&P 500’s gains from July and early August.
Stocks have been losing ground as the Federal Reserve has indicated it will not let up anytime soon on raising interest rates to bring down the highest inflation in decades.
In addition, Wall Street is grappling with worries about a brewing energy crisis in Europe and the implications it could have for the global economy and corporate profits, given that companies in the S&P 500 get half their revenue from abroad, said Michael Antonelli, market strategist at Baird.