Traders at the New York Stock Exchange on Monday, when the Dow Jones plunged more than 1,000 points.
(REUTERS/Brendan McDermid)
U.S. stocks plunged Monday — with the blue-chip Dow Jones Industrial Average tumbling more than 1,000 points — as investors extended the market’s selloff on Friday.
All three of the major benchmarks were lower midday, after the Dow dropped 666 points on Friday. Bond yields remained higher with the 10-Year Treasury hovering at 2.84%. Volatility, as measured by the VIX Index, spiked to a reading of 21, the highest since November 2016.
All 10 of the S&P 500’s largest sectors were lower. While energy, healthcare and financial stocks posted the steepest declines.
Wells Fargo shares fell about 8%, on pace for the worst percentage drop since October of 2011, after the Federal Reserve moved to restrict the bank’s assets as punishment for “widespread consumer abuses and other compliance breakdowns.”
In an exclusive interview with FOX Business, Wells Fargo CEO Tim Sloan said his bank can still operate and grow despite the rare penalty.
“Wells Fargo is absolutely open for business,” Sloan told FOX Business’ Maria Bartiromo on “Mornings with Maria.”
The tech-heavy Nasdaq Composite was also lower, giving up morning gains. Still investors dipped back into large-cap tech names such as Apple and Intel.
