Stocks closed a wobbly day of trading mostly lower on Wall Street on Monday, extending a losing streak for markets.
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Technology stocks were among the biggest losers after pushing and pulling the market throughout the day. Apple fell 1.1%. Big tech companies, with their pricey values, tend to push the broader market up or down. The sector has been a particularly heavy weight as investors worry about high inflation and rising interest rates.Energy stocks and healthcare companies gained ground. Chevron rose 3.1% and Eli Lilly gained 2.7%.Spirit Airlines rose 13.
Defense contractor ManTech jumped 15% after investment firm Carlyle Group said it would buy the defense contractor. The Federal Reserve is in the process of pulling its benchmark short-term interest rate off its record low near zero, where it spent most of the pandemic. It also said it may continue to raise rates by double the usual amount at upcoming meetings. Investors are concerned that the central bank could cause a recession if it raises rates too high or too quickly.
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