The Great Smoky Mountain Journal
Source:
Tuesday, January 01, 2019 02:44 PM
Stocks Fall 458 Points As Part Of 700 Point Drop During Day Monday
The share price rout snowballed across the broader market, wiping out billions of dollars in Americans’ savings accounts, such as IRAs and other tax-deferred savings vehicles. All three major indexes were in negative territory for the year.
"We're definitely seeing some market sentiment shifting, with tech and global companies feeling the brunt of it," said Ben Phillips, chief investment officer of EventShares.
On Monday, the Dow Jones Industrial Average closed down 1.9%, or 458.92 points, which almost matched the benchmark index's drop in the entire first quarter, when it tumbled 616 points. The Nasdaq sank 2.7%, or 193.33 points, but managed to escape a correction, closing less than 10% below its March 12 record closing high. The S&P 500 Index slid 2.2%, or 58.99 points.
Facebook's shares were down 2.8% and fell into a bear market, meaning a drop of 20% or more from a recent high. The social media company contended with the fallout from a leak that exposed the personal data of more than 50 million users.
Amazon fell more than 5%, or 75.35, its biggest point drop ever. It faced renewed criticism on Twitter from President Donald Trump, who alleged that the e-commerce giant was responsible for the shuttering of retailers across the nation.
Donald J. Trump
✔
@realDonaldTrump
Only fools, or worse, are saying that our money losing Post Office makes money with Amazon. THEY LOSE A FORTUNE, and this will be changed. Also, our fully tax paying retailers are closing stores all over the country...not a level playing field!
9:35 AM - Apr 2, 2018