Dow drops 400 points, S&P 500 breaks back below key 2,800 level
Stocks staged a marked about-face Monday as the S&P 500 sank back below a key chart level and many investors said the price of the major U.S. indexes already included a trade resolution between Washington and Beijing.
The S&P 500 was down 1.2 percent after climbing nearly half a percent, breaking back below the key 2,800 level and on pace for its biggest drop since Jan. 22. The broad index closed above 2,800 on Friday, marking its highest close since Nov. 8.
The Dow Jones Industrial Average fell 400 points, erasing a 129.66-point gain and was on track for its biggest decline since Jan. 3. Boeing was one of the worst performers in the Dow, sliding 3 percent. The Nasdaq Composite traded 1.1 percent lower. Earlier in the day, it was up as much as 0.64 percent.
Stocks started giving back their gains after the Commerce Department said construction spending dropped 0.6 percent in December. Economists polled by Refinitiv had forecast a gain of 0.2 percent.
https://www.msn.com/en-us/money/markets/dow-drops-300-points-heads-for-biggest-drop-in-5-weeks/ar-BBUlqmk?li=BBnbfcN
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