Dow ends down nearly 500 points; S&P 500 suffers biggest drop in nearly a month


U.S. stock indexes posted their worst day in nearly a month on Monday as hotter-than-expected reading on the U.S. services sector fueled speculation that the Federal Reserve will hike interest rates more aggressively to subdue inflation. The Dow Jones Industrial Average DJIA, -1.40% finished 482 points lower, or 1.4%, to 33,947. The S&P 500 SPX, -1.79% dropped 1.8% to close below 4,000-level for the first time in nearly a week, while the Nasdaq Composite COMP, -1.93% slumped 1.9%. A barometer of U.S. business conditions at service-sector companies rose to 56.5% in November, a strong signal that the economy is still expanding at a steady pace but raising concerns that the central bank will continue hiking rate aggressively at its December 13-14 meeting. The yield on the 10-year note rose 9.6 basis points to 3.598% on Monday.

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