Monday, August 12, 2019 4:30 pm
Banks, tech lead US stocks broadly lower
NEW YORK -- Banks and technology companies led stocks broadly lower on Wall Street, extending a two-week slide brought on by escalations of the trade conflict between the U.S. and China that investors fear will slow down the global economy.
The Dow Jones Industrial Average fell almost 400 points Monday.
Traders seeking safety shifted more money into U.S. government bonds, sending Treasury prices sharply higher and yields lower. The yield on the 10-year Treasury fell to 1.64% from 1.73% late Friday, a big move.
Adobe fell 2.1%, and Bank of America gave up 2.4%.
The S&P 500 fell 36 points, or 1.2%, to 2,882.
The Dow lost 391 points, or 1.5%, to 25,896. The Nasdaq fell 95 points, or 1.2%, to 7,863.