TwitterFacebookPinterestGoogle+

Markets Right Now: Dow drops 1,500, erasing gain for 2018

NEW YORK (AP) — The latest on developments in financial markets (All times local):

3:08 p.m.

The Dow Jones industrial average plunged as much as 1,500 points, erasing its gain for the year, as the market extends a slump that began Friday.

The Dow’s point loss would be its biggest of all time, though in percentage terms, its 5.6 percent decline wasn’t as big as its worst drop during the financial crisis.

The slide Monday brought the Dow back below 24,000 points.

The market’s slump began on Friday as investors worried that creeping signs of higher inflation and interest rates could derail the market’s record-setting rally.

The Dow skidded as much as 1,500 points, before recovering some of its losses. It was down 872, or 3.4 percent, to 24,651.

The Standard & Poor’s 500 index fell 74 points, or 2.7 percent, to 2,686

___

2:28 p.m.

Stocks are extending their slide on Wall Street, bringing the Dow Jones industrial average down 500 points.

The slide Monday brought the Dow back just below 25,000 points, a level it first crossed a month ago.

The market’s slump began on Friday as investors worried that creeping signs of higher inflation and interest rates could derail the market’s record-setting rally.

Banks are taking some of the biggest losses.

Wells Fargo plunged 8 percent after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.

The Standard & Poor’s 500 index fell 51 points, or 1.9 percent, to 2,711.

The Dow was down 530 points, or 2 percent, to 24,999.

Bond yields slipped after moving sharply higher Friday.

___

11:45 a.m.

U.S. stocks are lower at midday as banks fall following more punitive action against Wells Fargo.

Wells Fargo dropped 8 percent Monday after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.

Energy companies were also moving lower as the price of crude oil slipped. Exxon Mobil fell 3.5 percent.

The market is coming off its worst week in two years. Stocks fell sharply on Friday as traders worried about inflation and rising interest rates.

The Standard & Poor’s 500 index fell 14 points, or 0.5 percent, to 2,748.

The Dow Jones industrial average fell 159 points, or 0.6 percent, to 25,364. The Nasdaq composite lost 14 points, or 0.2 percent, to 7,225.

___

9:35 a.m.

Stocks stumbled in early trading on Wall Street as banks fell following punitive action against Wells Fargo.

Wells Fargo plunged 8 percent in the first few minutes of trading Monday after the Federal Reserve hit the bank with new sanctions in response to its opening of phony accounts for several million consumers.

Other banks also fell. Industrial companies were also falling. Boeing lost 2 percent and Caterpillar was down 1 percent.

The market is coming off its worst week in two years. Stocks fell sharply on Friday as traders worried about inflation and rising interest rates.

The Standard & Poor’s 500 index dropped 20 points, or 0.7 percent, to 2,741.

The Dow Jones industrial average fell 233 points, or 0.9 percent, to 25,295. The Nasdaq composite lost 52 points, or 0.7 percent, to 7,189.

Leave a Reply

Your email address will not be published. Required fields are marked *

VIDEO NEWS

National Politics

Apollo 11 astronauts reunite on 50th anniversary of moonshot

CAPE CANAVERAL, Fla. (AP) — Apollo 11 astronauts Buzz Aldrin and Michael Collins reunited Friday…

U.S. Secretary Mike Pompeo To Deliver Remarks at the 120th VFW National Convention in Orlando Monday

WASHINGTON - U.S. Secretary of State Michael R. Pompeo will deliver the keynote address at…

VFW National Convention Returns to Orlando Saturday

KANSAS CITY, Mo. — Secretary of State Mike Pompeo and Veterans Affairs Secretary Robert Wilkie…

Rep. Soto’s $14 Billion Medicaid Parity Bill for Puerto Rico, U.S. Territories Passes Committee, One Step Closer Towards Becoming Law

WASHINGTON (FNN NEWS) - On Wednesday, the U.S. House Committee on Energy and Commerce approved…

STATE & LOCAL POLITICS

Governor Ron DeSantis Reappoints Two to the Tallahassee Community College District Board of Trustees

TALLAHASSEE, Fla. — Today, Governor Ron DeSantis announced the reappointments of Karen Moore and Eric…

First Lady Casey DeSantis Holds Listening Session on Mental Health and Substance Abuse in Sanford

SANFORD, Fla. (FNN NEWS) - Today, First Lady Casey DeSantis held a listening session on mental…

Florida Democrats To Hold 2019 State Convention In Orlando October 11-13

ORLANDO, Fla. –– The Florida Democratic Party will host its 2019 State Convention at Disney's…

First Lady Casey DeSantis to Make an Announcement at the Seminole County Sheriff’s Office Thursday

SANFORD, Fla. – Florida's First Lady Casey DeSantis will make an announcement at the Seminole…

FNN SPORTS

  • Toronto Raptors Superfan Nav Bhati has words with a hard-core Orlando Magic fan during Round 1, Game 3 of the NBA Playoffs in which the Magic hosted the Raptors at Amway Center Friday, April 19, 2019. Photo by Willie David / Florida National News
    TORONTO, Ca. (FNN SPORTS) – Move Over, Kawhi and Drake: Toronto Superfan Nav Bhati Steals NBA Spotlight

MORE SPORTS NEWS

Pride Mount Comeback But Fall in Stoppage to Portland

PORTLAND, Ore. - Orlando Pride (2-9-2, 8 points) erased a two-goal deficit, including a 90th-minute equalizer,…

Orlando Pride to Celebrate World Cup Champions Alex Morgan, Ali Krieger and Ashlyn Harris on Tuesday Night

ORLANDO, Fla. – After helping lead the U.S. Women’s National Team to its fourth FIFA…

Joel Smeenge Named No. 24 On Jagaurs All-25

JACKSONVILLE, Fla. – Former Jaguars DE Joel Smeenge has been named No. 24 on the…

Daytona International Speedway to Launch Fireworks Extravaganza on Wednesday Night

DAYTONA BEACH, Fla. – Daytona International Speedway is going to finish its Independence Day holiday…

Philadelphia Union’s Explosive Plays Rout Orlando City 3-1 at Home

ORLANDO, Fla. (FNN SPORTS) - Orlando City wasted no time upon their return home against…

It begins: NBA free agency finally starts Sunday

Kawhi Leonard is planning meetings in Los Angeles. Kevin Durant will do the same in…

BUSINESS NEWS

  • Nourishing Biologicals skin care line defies aging at the cellular level. Photo courtesy of Nourishing Biologicals.
    BAHAMAS & NEW YORK (FNN NEWS) - [WATCH] Nourishing Biologicals Launches Four-Piece Flagship Product Line (Photo: Nourishing Biologicals.)

MORE BUSINESS NEWS

Apple Announces New Batch of Emojis on World Emoji Day

Cupertino, CA (FNN NEWS) — July 17th is National Emoji Day! What better way to celebrate…

Celebration is Chick-fil-A’s largest, single-day customer appreciation event

ATLANTA, Ga. – Get your cow costumes ready – Chick-fil-A is celebrating its 15th annual…

[WATCH] Nourishing Biologicals Launches Four-Piece Flagship Product Line

SAINT AUGUSTINE, Fla. (FNN NEWS) – Nourishing Biologicals, a science-based skin care company created to fight and…

Getting to Know Sutherlin Nissan Co-Owner “U.S. Marine”

WINTER PARK, Fla. (FNN NEWS) - “U.S. Marine,” the man who owns Sutherlin Nissan, pretty…

Trump Delays Imposing Tariffs on Auto Imports and Parts

WASHINGTON (AP) — Caught in a sprawling trade dispute with U.S. rival China, President Donald…

US to Add 30,000 Seasonal Worker Visas as Soon as This Week

WASHINGTON (AP) — The Trump administration plans to allow 30,000 more foreign workers temporarily into…

ENTERTAINMENT NEWS

  • NEW YORK | (AP) - Gooding due in court as lawyer seeks groping case dismissal

MORE ENTERTAINMENT NEWS

Game of Thrones cast talks divisive finale, water bottles

SAN DIEGO (AP) — “Game of Thrones” may be over but the cast can’t seem…

New Orleans Brass Band The Soul Rebels Open For The Rolling Stones!

NEW ORLEANS - In true NOLA spirit, popular brass band The Soul Rebels have shown…

Disney Skyliner Takes Flight Sept. 29, 2019, at Walt Disney World

ORLANDO, Fla. (FNN NEWS) - Disney Skyliner will begin carrying guests high above Walt Disney…

The Super-Busy Person’s Guide to the Top 10 Summer Movies of 2019

ORLANDO (FNN NEWS) - Is the July Florida heat getting to your head? Need something…

South Korea’s Top 3 Entertainment Companies Face an Intense Month of Scandals

SEOUL, South Korea (FNN NEWS) - South Korea’s top three entertainment companies, YG Entertainment, SM Entertainment,…

Singer and Songwriter Darius Rucker Visits Walt Disney World Resort

ORLANDO, Fla. (FNN NEWS) - Singer and songwriter Darius Rucker poses with Woody during his visit…

LIFESTYLE, TRAVEL & TOURISM

MORE LIFESTYLE NEWS

Disney Skyliner Takes Flight Sept. 29, 2019, at Walt Disney World

ORLANDO, Fla. (FNN NEWS) - Disney Skyliner will begin carrying guests high above Walt Disney…

Before You Go: 5 Powerful Things You Must Know to Conquer College

College life can be rough, especially if you’re in a dorm or moved out on…

[OPINION] Tampering with Our Food is a Crime!

Thanks to social media, it seems a new fad or trend emerges every other month.…

Singer and Songwriter Darius Rucker Visits Walt Disney World Resort

ORLANDO, Fla. (FNN NEWS) - Singer and songwriter Darius Rucker poses with Woody during his visit…

[OPINION] Why are We Voting on Whether LGBTQ Parents Can Adopt? Let Them.

The debate for LGBTQ+ rights rages on, and whether or not they should be able…

Celebration is Chick-fil-A’s largest, single-day customer appreciation event

ATLANTA, Ga. – Get your cow costumes ready – Chick-fil-A is celebrating its 15th annual…