NEW YORK (AP) — Stocks closed broadly lower on Wall Street Monday as markets tumbled worldwide on worries about the pandemic’s economic pain.
The S&P 500 ended with its fourth-straight loss, though a last-hour rally helped trim its decline by more than half. Industrial, health care and financial stocks accounted for much of the selling. Technology stocks recovered from an early slide to notch a gain.
The selling followed a slide in European stocks on the possibility of tougher restrictions to stem rising coronavirus counts.
The losses were widespread, with almost all the stocks in the S&P 500 lower. The S&P 500 fell 38.41 points, or 1.2%, to 3,281.06.
The Dow Jones Industrial Average dropped 509.72 points, or 1.8%, to 27,147.70, and the Nasdaq composite lost 14.48 points, or 0.1%, to 10,778.80. In another sign of the increased worry, the yield on the 10-year Treasury fell to 0.65% from 0.69% late Friday.
Wall Street has been shaky this month, and the S&P 500 has pulled back about 9% since hitting a record Sept. 2 amid a long list of worries for investors. Chief among them is fear that stocks got too expensive when coronavirus counts are still worsening, U.S.-China tensions are rising, Congress is unable to deliver more aid for the economy and a contentious U.S. election is approaching.