U.S. stocks book worst day in about a month after strong services data puts Fed hikes back in focus

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 finished 482 points lower, or 1.4%, to 33,947. The S&P 500 dropped 1.8% to close below 4,000-level for the first time in nearly a week, while the Nasdaq Composite 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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