CNBC’s Jim Cramer blamed Monday’s stock market decline on messaging from the head of the U.S. Treasury.
On Sunday, Secretary Janet Yellen told Bloomberg News that raising the interest rate would be positive for the country, should the Biden administration’s big spending plans help trigger some inflation in an expanding economy.
“The prospect of higher interest rates spooked the market,” Cramer said on “Mad Money” reacting to the mixed session on Wall Street.
The Dow Jones Industrial Average slid about 126 points, or 0.36%, to close at 34,630.24. The S&P 500 finished 0.08% lower at 4,226.52. The Nasdaq Composite, however, was a winner and advanced 0.49% to 13,881.72.
Yellen, a former Federal…