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Stocks fall steeply on selling in finance, tech sectors

A Wall Street sign is mounted near the

A Wall Street sign is mounted near the flag-draped facade of the New York Stock Exchange on May 11, 2007. Credit: AP / Richard Drew

Stocks fell broadly Monday, putting the market on track for its second sizable loss in a row.

In the first hour of trading on Wall Street, the Dow Jones industrial average fell 213 points, or 1.3 percent, to 15,989. The Standard & Poor’s 500 index lost 25 points, or 1.3 percent, to 1,854. The Nasdaq composite dropped 81 points, or 1.9 percent, to 4,279.

Energy stocks were among the biggest decliners in early trading Monday as the price of crude oil fell again.

Property and casualty insurance company Loews sank 4 percent after reporting earnings that fell far short of analysts’ forecasts.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.79 percent.

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