A broad sell-off handed the U.S. stock market its biggest loss in more than four months Monday, pulling the major indexes below their recent record highs.
Technology stocks, the biggest gainers in 2017, accounted for much of the slide. Energy companies also fell as crude oil prices finished lower. Utilities and other rate-sensitive sectors declined as bond yields hit their highest level in almost four years.
Investors weighed the latest company earnings and deal news, including Keurig’s acquisition of Dr. Pepper Snapple for $16.6 billion, including debt, and looked ahead to a busy week of corporate news and economic data.
The pullback followed a big rally on Friday, which gave the stock market its biggest single-day gain since March 2017.
“It may just be we’ve had a really good run and people are taking profit off the table right now,” said Randy Frederick, vice president of trading & derivatives at Charles Schwab.
The Standard & Poor’s 500 index fell 0.7 percent, to 2,853.53. The Dow Jones industrial average slid 177.23 points, or 0.7 percent, to 26,439.48. The Nasdaq composite lost 0.5 percent, to 7,466.51. The Russell 2000 index of smaller-company stocks gave up 0.6 percent, to 1,598.11.
Falling stocks outnumbered rising ones almost five-to-one on the New York Stock Exchange. — AP