Late afternoon slump leaves indexes mostly lower

A choppy day of trading on Wall Street ended with stocks mostly lower Monday, as a late-afternoon burst of selling derailed the market from another alltime high.

The S&P 500 fell 0.3 percent after having been up as much as 1percent earlier in the day and on pace to eclipse the record high it set last Thursday. The Dow Jones Industrial Average eked out a 0.1 percent gain, while the Nasdaq shed an early gain and slid 1.3 percent below the alltime high it set on Friday.

Bond yields moved solidly higher. Gold prices fell and energy futures mostly rose.

The market was higher for much of the day as traders were relieved to learn that President Joe Biden would nominate Jerome Powell for a second fouryear term at the helm of the Federal Reserve, a vote of confidence in Powell’s handling of central bank policies during the brutal disruptions caused by the coronavirus pandemic.

While stocks initially rallied on the news, bonds sold off, pushing yields broadly higher. The yield on the 10-year Treasury rose to 1.63 percent from 1.54 percent late Friday.