Dow Jones drops by as much as 1,500, erasing gain for 2018

The Associated Press</span>
Published Monday, February 5, 2018 3:10PM EST
Last Updated Monday, February 5, 2018 3:33PM EST

NEW YORK -- 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 per cent 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 per cent, to 24,651.

The Standard & Poor's 500 index fell 74 points, or 2.7 per cent, to 2,686

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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 per cent after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phoney consumer accounts.

The Standard & Poor's 500 index fell 51 points, or 1.9 per cent, to 2,711.

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

Bond yields slipped after moving sharply higher Friday.

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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 per cent Monday after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phoney consumer accounts.

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

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 per cent, to 2,748.

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

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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 per cent in the first few minutes of trading Monday after the Federal Reserve hit the bank with new sanctions in response to its opening of phoney accounts for several million consumers.

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

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 per cent, to 2,741.

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

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