NEW YORK—Stocks closed a wobbly day of trading mostly lower on Wall Street Monday, extending a losing streak for markets.
The broader market is in the midst of a slump as investors try to gauge how companies and consumers are dealing with higher prices and whether central banks can help ease the problem. Major indexes have been slipping since early April.
“Time is the most important factor here,” said Mark Hackett, chief of investment research at Nationwide. “Right now sentiment and emotion is winning but eventually the reality of a fundamentally good backdrop will take over.”
Corporate earnings have been mostly good, he said, and consumer spending is holding up in the face of inflation pressure. But, the market will likely remain volatile and could experience more losses until some of the worries over inflation lessen.
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