Banks and industrial companies led a slide in stocks on Wall Street Monday that erased some of the market’s gains after a big rally last week
Banks and industrial companies led a slide in stocks on Wall Street Monday that erased some of the market’s gains after a big rally last week.
The selling came as investors brace for what is sure to be widespread damage to company earnings because of the coronavirus. Major banks and other companies will start reporting their earnings this week.
Oil prices wound up somewhat lower after OPEC nations and other big producers agreed to reduce output. Demand for energy has cratered because of travel restrictions and business shutdowns related to the outbreak.
The S&P 500 index lost 28.19 points, or 1%, to 2,761.63.
The Dow Jones Industrial Average fell 328.60 points, or 1.4%, to 23,390.77.
The Nasdaq rose 38.85 points, or 0.5%, to 8,192.42.
The Russell 2000 index of smaller company stocks lost 34.68 points, or 2.8%, to 1,212.04.
For the year:
The S&P 500 is down 469.15 points, or 14.5%.
The Dow is down 5,147.67 points, or 18%.
The Nasdaq is down 780.18 points, or 8.7%
The Russell 2000 is down 456.43 points, or 27.4%.