Tech stocks like Amazon and Apple led the drops…..
Stocks dropped in afternoon trading Monday, pulled down by a broad sell-off in technology companies. Saudi Arabia’s planned cuts in oil production also revived concerns of a global slowdown.
The Dow Jones Industrial Average lost 389 points, or 1.5 percent, to 25,600. The Standard & Poo’rs 500 index declined 1.27 percent, while the tech-heavy Nasdaq composite dropped percent 2.03 percent. The Russell 2000 index of smaller companies gave up 1.13 percent
Crude oil prices were headed higher, snapping a 10-day skid, following Saudi Arabia’s announcement.
Apple, Amazon and other big names fell. Banks and consumer-focused companies, and media and communications stocks also took heavy losses.
Investors bid up shares in utilities and other traditionally safe-haven stocks. NRG Energy climbed 4.7 percent.
“It’s a very typical run to the safe assets, run to utilities, run to Procter & Gamble and run to Pepsi-Cola,” said Ron Weiner, managing director and partner of RDM Financial Group at HighTower Advisors. “But when you analyze in the clear light of day, these are trades you will want to get out of when market starts behaving a bit more normally.”…
This post heading corrected from early amount of the market drop….