Dow snaps 5-day win streak as Powell says inflation is too high; European stocks close slightly higher as Russia-Ukraine jitters keep a lid on gains 
U.S. stocks seesawed Monday with the major averages hitting their lows of the day after Federal Reserve Chair Jerome Powell sounded alarms on surging inflation and vowed tough action. 
The Dow Jones Industrial Average shed 201.94 points, or 0.6%, to close at 34,552.99. The blue-chip average was down more than 400 points at session lows. The S&P 500 finished marginally lower at 4,461.18, having been up 0.4% at its highs of the day. The Nasdaq Composite dipped 0.4% to 13,838.46. 
Powell on Monday said “inflation is much too high” and pledged to take “necessary steps” to bring prices under control. He noted rate hikes could go from the traditional quarter-percentage-point moves to more aggressive half-basis-point increases if necessary. 
On Monday, Boeing dropped 3.6% after a China Eastern Airlines Boeing 737 passenger plane crashed. Boeing’s decline weighed on the Dow. 
Rising rates appeared to hit tech stocks, as the benchmark 10-year yield climbed more than 0.15 percentage points to top 2.3%. Facebook parent Meta lost 2.3% and Microsoft closed marginally lower. 
On the upside, energy stocks rallied Monday as oil prices rose. Occidental Petroleum and Marathon Oil were among the top gainers on the S&P 500, each rising more than 8%. 
Brent crude gained more than 7% to surpass $115 a barrel, as European Union nations considered joining the U.S. in an embargo on Russian oil. 

The pan-European Stoxx 600 provisionally closed up 0.1%, with sectors and major bourses pointing in opposite directions. Mining shares surged 4.3% to lead gains, while travel and leisure stocks fell 1.8% after a Boeing 737 passenger jet crashed in China. 
In terms of individual share price movement in Europe, Finland’s Nokian Tyres plunged more than 13% as its exposure to Russia continued to weigh, while German arms manufacturer Rheinmetall jumped over 9%. 
Source: CNBC, Investing.com