TwitterFacebookPinterestGoogle+
  • VIDEO | ORLANDO, Fla. (FNN NEWS) - Andrew Gillum Endorsed by High Profile State Attorney Aramis Ayala

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 *

POLITICS & POWER NEWS

National Politics

Farmers fret and wait as US-China trade war escalates

MINNEAPOLIS (AP) — Many anxious American farmers are delaying purchases and investment while hoping for…

Reps. Soto, Demings, Murphy Announce $16 Million Grant for SunRail Phase 2 South Project

KISSIMMEE, Fla. – Representatives Darren Soto, Stephanie Murphy and Val Demings announced today the Central Florida Commuter…

Rep. Soto Statement on Trump-Putin Helsinki Summit

Washington, D.C. –  U.S. Congressman Darren Soto released the following statement following President Trump’s joint press…

Trump questions US intel, not Putin, on Russia 2016 meddling

HELSINKI (AP) — Standing next to Russia’s Vladimir Putin, President Donald Trump openly questioned his…

STATE & LOCAL POLITICS

Gov. Scott Announces Opening of Spiny Lobster Mini-Season

TALLAHASSEE, Fla. – Today, Governor Rick Scott announced the 2018 spiny lobster mini-season and encouraged families…

VIDEO: Andrew Gillum Endorsed by High Profile State Attorney Aramis Ayala

ORLANDO, Fla. (FNN NEWS) — Florida's first elected African American State Attorney Aramis Ayala endorses…

State Attorney Aramis Ayala's Office Launches New Website

ORANGE COUNTY, Fla. (FNN NEWS) - The Office of State Attorney Aramis Ayala (Ninth Judicial…

Senator Linda Stewart Requests Chief Inspector General Probe Of Flawed Concealed Weapons Permit Investigation

ORLANDO, Fla. – Alarmed by evidence of policy violations involving a probe into ineligible concealed weapons…

SPORTS NEWS

MORE SPORTS NEWS

Orlando City Knocked Out of U.S. Open Cup in Philadelphia

CHESTER, Pa. – Orlando City SC lost 1-0 to the Philadelphia Union in the 2018 Lamar Hunt…

Orlando City SC and Atlanta United FC Reinstate Supporter Groups’ Privileges

ORLANDO, Fla. - Orlando City SC has reinstated the Atlanta United FC organized supporter groups’ privileges at Orlando…

Milton, Hill Recognized Among Nations Top Players

ORLANDO, Fla – The Maxwell Football Club announced its watch lists for the 82nd annual Maxwell Award…

Orlando City Breaks Historic Losing Streak with 2-1 Win Against Toronto

ORLANDO, Fla. (FNN NEWS) - Orlando City faced Toronto FC at Orlando City Stadium Saturday,…

Jaguars to open eight Training Camp practices to fans in 2018

JACKSONVILLE, Fla. –  The Jacksonville Jaguars announced today that the team’s 2018 training camp will feature…

BUSINESS NEWS

MORE BUSINESS NEWS

Zignavisual Florida Announces Corporate Re-Branding, Changes Name to iUSE Photography

MIAMI, Fla. -- Zignavisual, a leading real estate photography company serving South Florida realtors since 2016, is relaunching with…

Banco do Brasil so impressed with Valencia Students that they give more money for Student Scholarships

ORLANDO, Fla.,   June 29, 2018  -  Banco do Brasil Americas will celebrate the 2018…

VIDEO: Grenada Consul General Warren Newfield Discusses the Island Nation's Growth

MIAMI BEACH, Fla. (FNN NEWS) - Grenada Ambassador-at-Large and Consul General in Miami Warren Newfield,…

Comcast Challenges Disney with $65B Bid for Fox

NEW YORK (AP) — Comcast made a $65 billion bid Wednesday for Fox’s entertainment businesses,…

Facebook Says It's Removing Trending News Feature Next Week

SAN FRANCISCO (FNN NEWS) - Facebook announced Friday that it will remove its "Trending" section from…

VIDEO: Dunkin Donut Delivers Free Donuts on National Donut Day

ORLANDO, Fla. (FNN NEWS) - Friday, June 1 is National Donut Day. You still have…

ENTERTAINMENT NEWS

MORE ENTERTAINMENT NEWS

New Spooky Experiences Coming to Mickey’s Not-So-Scary Halloween Party at Walt Disney World Resort

LAKE BUENA VISTA, Fla. – There are more nights and new reasons to celebrate the…

George Clooney released after motorcycle crash in Italy

ROME (AP) — Actor George Clooney was taken to the hospital in Sardinia and released…

[VIDEO] R&B Greats Teddy Riley and Keith Sweat Crash MAJOR's Essence Festival Interview

NEW ORLEANS, La. (FNN NEWS) - The final night of the three-day sold-out 2018 Essence…

Oprah Winfrey tells Vogue that a 2020 presidential run would kill me

(CNN) - Oprah Winfrey is again dampening speculation that she may be planning to run for…

A Big New Way to Play Comes to Disney’s Hollywood Studios this Summer: Toy Story Land!

LAKE BUENA VISTA, Fla. (June 28, 2018) – It’s a joy-filled, toy-filled world as only…

Horror Classics – Chucky and Killer Klowns from Outer Space – Come to Life at Universal Orlando’s Halloween Horror Nights 2018

ORLANDO, Fla. (June 28, 2018) – Two horror icons originating in the 1980s – Chucky and Killer Klowns from…

LIFESTYLE NEWS

MORE LIFESTYLE NEWS

New Spooky Experiences Coming to Mickey’s Not-So-Scary Halloween Party at Walt Disney World Resort

LAKE BUENA VISTA, Fla. – There are more nights and new reasons to celebrate the…

Oprah Winfrey tells Vogue that a 2020 presidential run would kill me

(CNN) - Oprah Winfrey is again dampening speculation that she may be planning to run for…

A Big New Way to Play Comes to Disney’s Hollywood Studios this Summer: Toy Story Land!

LAKE BUENA VISTA, Fla. (June 28, 2018) – It’s a joy-filled, toy-filled world as only…

Horror Classics – Chucky and Killer Klowns from Outer Space – Come to Life at Universal Orlando’s Halloween Horror Nights 2018

ORLANDO, Fla. (June 28, 2018) – Two horror icons originating in the 1980s – Chucky and Killer Klowns from…

VIDEO: Grenada Consul General Warren Newfield Discusses the Island Nation's Growth

MIAMI BEACH, Fla. (FNN NEWS) - Grenada Ambassador-at-Large and Consul General in Miami Warren Newfield,…

BREAKING NEWS: Miss America Ends Swimsuit Competition

NEW YORK (FNN NEWS) - Gretchen Carlson, the board of trustees chair for the Miss…

GOLDEN TRAILER

ESSENCE MUSIC FEST

MISS AMERICA

ABFF FILM FESTIVAL

JAZZ IN THE GARDENS

DAYTONA 500

MISS UNIVERSE

WRITERS GUILD

CANNES FILM FESTIVAL

TONY AWARDS