U.S. stocks closed mixed Monday, with equities losing steam in the final 15 minutes of trade. The Dow Jones Industrial Average rose about 27 points, or 0.1%, to end near 32,224, after trading almost 300 points higher earlier in the session, according to FactSet data. The S&P 500 index shed 0.4%, while the Nasdaq Composite Index closed down 1.2%, as investors focused on inflation, recession concerns and a string of disappointing economic data in the U.S., Europe and China. The New York Fed’s Empire State business conditions index, a gauge of manufacturing activity in the state, plummeted 36.2 points to negative 11.6 in May. Treasury yields also slumped on Monday as investors flocked to the debt for safety, with the 10-year rate down 5.5 basis points at 2.877%, off a high of 3.124% earlier in May. Bond prices and yields move in the opposite direction.
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