Stocks fell sharply Monday, appearing to take a cue from a slump in Treasury yields that reflected mounting worries about the economic outlook and geopolitical concerns. The Dow Jones Industrial Average ended around 391 points lower, down 1.5%, near 25,896, according to preliminary figures while the S&P 500 slumped around 36 points, or 1.2%, to close around 2,882. The Nasdaq Composite dropped around 96 points to end near 7,863, a loss of 1.2%. The yield on the 10-year Treasury slumped around 9 basis points to 1.644%, its lowest since October 2016. The slump in yields, which can cut into lending margins, sent financial stocks skidding, with Bank of America Corp. down 2.5% and Dow component Goldman Sachs Group Inc. (GS) falling 2.7%. All 11 S&P 500 sectors ended lower, with financials leading the way, down 1.9%.
-William L. Watts; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
August 12, 2019 16:45 ET (20:45 GMT)
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