US stocks close lower as concerns over inflation rise

ANKARA

The US stock market closed lower Monday as investors focused on developments in the Russia-Ukraine war and remained concerned over the impact of inflation and higher interest rates on the global economy.

All major groups in the S&P 500 posted losses, while the tech-heavy Nasdaq 100 fell more than 2%.

The S&P 500 closed down 75.75 points, or 1.7%, at 4,412.53.

The Nasdaq Composite ended down 299 points, or 2.1%, at 13,411.

The Dow Jones Industrial Average was down 413 points, or 1.19%, to close at 34,308.

Ten-year Treasury yields rose 2.77% for the first time since March 2019 after the Federal Reserve last week signaled sharp rate hikes.

Bitcoin traded near $40,000.

On the commodities side, West Texas Intermediate crude fell 3.4% to $94.92 a barrel.

Gold futures increased 0.6% to $1,957.70 an ounce.