Stocks closed lower on Monday as Wall Street benchmarks came off their best week since November 2020. The Dow Jones Industrial Average snapped a 5-day winning streak, dropping over 200 points, while the Nasdaq Composite fell 0.4% lower and the S&P 500 settled at a negative flatline.
Here's how the market settled to start the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Powell says the Fed will take 'necessary steps' to address inflation:
Federal Reserve Chair Jerome Powell said in prepared remarks for the National Association for Business Economics on Monday that the central bank will continue to monitor incoming data and developments and "adjust monetary policy as needed" to combat inflation while also supporting economic growth.
"We will take the necessary steps to ensure a return to price stability," Powell said. "In particular, if we conclude that it is appropriate to move more aggressively by raising the federal funds rates by more than 25 basis points at a meeting or meetings, so will do so. And if we determine that we need to tighten beyond common measures of neutral and into a more restrictive stance, we will do that as well."
Boeing 737 passenger jet crashes in China:
A China Eastern Airlines Boeing
China Eastern Airlines confirmed the crash and the number of people on board in a statement on Weibo, CNBC reports. The carrier said it is sending workers to the crash site and has opened a hotline for family members. Additionally, China's Civil Aviation Administration said it was sending a team to the crash site, CNBC reports.
The 737-800 is one of the world's most common jetlingers. It was not a Boeing 737 Max--the plane that was grounded worldwide after two fatal crashes.
Here's how benchmarks started trading after market open:
S&P 500 Index: +0.16% or +7.29 points to 4,470.41
Dow Jones Industrial Average: -0.03% or -10.66 points to 34,744.27
Nasdaq Composite Index: -0.12% or -16.46 points to 13,877.47
