Downbeat December start on Wall Street

Business | 3 Dec 2019 10:47 am

Technology companies led a broad slide for stocks on Wall Street Monday, handing the market a downbeat start to the month after notching strong gains in November.

Industrial, communication services and financial stocks also accounted for a big share of the sell-off. Energy stocks notched the biggest gain, aided by a 1.4 percent increase in the price of U.S. crude oil. Bond yields climbed.

Trade tensions flared with China’s diplomatic retaliation for U.S. support of protesters in Hong Kong, putting investors in a selling mood. The selling accelerated after the U.S. government issued weak manufacturing and construction spending reports.

The S&P 500 index fell by 27.11 points, or 0.9 percent, to 3,113.87. The Dow Jones Industrial Average dropped by 268.37 points, or 1 percent, to 27,783.04.

The Nasdaq lost 97.48 points, or 1.1 percent, to 8,567.99. The Russell 2000 index of smaller company stocks gave up 16.92 points, or 1 percent, to 1,607.58.-AP


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