U.S. stocks closed sharply lower on Monday following a steep sell-off in materials, financials and technology stocks. The market pared its losses by the end of the day but still ended down for the second day in a row. The Nasdaq composite index closed almost 20 per cent below its record high last year.
The Dow Jones industrial average fell 177.92 points, or 1.1 per cent, to 16,027.05.
The Standard & Poor’s 500 index lost 26.61 points, or 1.4 per cent, to 1,853.44.
The Nasdaq composite index slid 79.39 points, or 1.8 per cent, to 4,283.75.
For the year:
The Dow is down 1,397.98 points, or 8 per cent.
The S&P 500 is down 190.50 points, or 9.3 per cent.
The Nasdaq is down 723.66 points, or 14.5 per cent.