U.S.
stocks moved broadly lower in early trading Monday, putting the market on track for its second sizeable loss in a row. Technology, financial and energy stocks were among the biggest decliners. The slide followed steep drops in
Europe
. Crude oil prices slumped again.
KEEPING SCORE: The Dow Jones industrial average fell 309 points, or 1.9 per cent, to 15,903 as of 10:09 a.m. Eastern Time. The Standard & Poor's 500 lost 34 points, or 1.8 per cent, to 1,845. The Nasdaq composite dropped 98 points, or 2.3 per cent, to 4,264.
TURBULENT MARKET: Several factors have investors in a selling mood this year, including falling crude oil prices and the economic slowdown in
China
and elsewhere. Traders will be monitoring several big company earnings this week to see what management teams say about their prospects for future earnings.
ROUGH RIDE: Cognizant Technology Solutions was among the biggest decliners in the S&P 500 index. The consulting company lost $3.91, or 6.7 per cent, to $54.63.
MARKETS OVERSEAS: Among Europe's main indexes,
Germany's
DAX fell 3.1 per cent, while
France's
CAC 40 dropped 2.8 per cent. The
FTSE 100 index of leading British shares slid 2.1 per cent. In
Asia
, many markets were closed for the Lunar New Year holidays.
Japan's
benchmark
Nikkei 225 rose 1.1 per cent, while
Australia's
S&P/ASX 200 was flat.
ENERGY: Benchmark
U.S.
crude oil was down
68 cents, or 2.2 per cent, to
$30.21 a barrel in
New York
. Brent crude, a benchmark for international oils, was down
54 cents or 1.6 per cent, to
$33.52 a barrel in
London
.
BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year Treasury note fell to 1.77 per cent from 1.84 per cent late Friday. The euro was down at $1.1129 while the dollar fell to 116.05 yen.
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Source: Equities.com News
(February 8, 2016 - 12:20 AM EST)
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