Dow falls 367 as banks, tech, oil all tumble
U.S. stocks plunged Friday, Dec. 18, 2015, as investors worried about global economic growth. Credit: AP / Seth Wenig
Stocks plunged across all sectors in the heaviest trading of the year Friday as enthusiasm over a long-awaited increase in U.S. interest rates faded.
The Dow Jones industrial average dropped 367.29 points, or 2.1 percent, to 17,128.55.
Several factors combined to give the market its second big loss in a row, bringing the indexes lower for the week.
Bank stocks, which investors had bid up in hopes they would become more profitable as loan rates climbed, fell the most. Technology stocks suffered more declines as a bad December got worse for Apple. Shares of the world’s most valuable publicly traded company sank again, bringing its monthly loss to 10 percent.
Overseas, Japan’s market sank after that country’s central bank made changes to a stimulus program that fell short of what investors were hoping for.
Another drop in energy prices sent oil stocks lower again, and worries about weak global growth weighed on shipping and other transportation companies.
The S&P 500 index fell 36.34 points, or 1.8 percent, to 2,005.55. The Nasdaq composite sank 79.47 points, or 1.6 percent, to 4,923.08.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
