US stocks tumble as tech shares drop

0 Comment(s)Print E-mail Xinhua, October 16, 2018
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U.S. stocks tumbled on Monday as major tech shares slid, weighing on the market.

The Dow Jones Industrial Average fell 89.44 points, or 0.35 percent, to 25,250.55. The S&P 500 was down 16.34 points, or 0.59 percent, to 2,750.79. The Nasdaq Composite Index decreased 66.15 points, or 0.88 percent, to 7,430.74.

Apple stock closed more than 2 percent lower. Shares of U.S. video-streaming giant Netflix pulled back 1.89 percent. Both Amazon and Alphabet slid more than 1.5 percent at the close. The tech sector traded 1.64 percent lower, leading the laggards among the 11 primary S&P 500 sectors.

The stock market was volatile on Monday especially during the afternoon session, with all three major indices alternating between gains and losses before ultimately closing lower.

In the week ending Oct. 12, U.S. stocks posted their worst weekly declines since March. Investors blamed rate hikes, concerns about technology stock valuations and a possible slowdown in the global economy for the selling.

Wall street also paid close attention to a batch of economic data.

U.S. retail sales rose 0.1 percent in September, missing market forecasts, as Americans spent less at restaurants, grocery stores and gas stations, according to the Commerce Department on Monday.

Meanwhile, business inventories in the U.S. rose 0.5 percent in August and the ratio of inventories to sales was unchanged at 1.34. 

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