NEW YORK, Sept. 28 (UPI) — Stocks took a beating on Wall Street Monday — ending up at their lowest levels in weeks.
The Dow Jones Industrial Average plummeted nearly 2 percent — 313 points — by the end of trading Monday, to finish at 16001. Before market close, it dipped beneath the 16000-mark for the first time in nearly a month.
The tech-driven Nasdaq was also crushed, with a free-fall of 142 points to finish at 4543 — a loss of 3 percent. The S&P 500 lost 49 points — 2.6 percent — to finish the day at 1881.
Monday’s performance was the worst for the domestic market in about a month, The Wall Street Journal reported.
“The concerns that triggered the drop in stock prices in August are still with us,” Edward Jones strategist Kate Warne said, adding that investors are selling off the winners. “When investors get nervous about the overall market they sell everything and then figure out what things they shouldn’t have sold.”
The Journal also reported that healthcare and biotech stocks performed particularly bad. The Nasdaq Biotechnology Index gave back its gains for the year while dropping 6 percent.
Ongoing worry over a downturn in China and the impact of the Federal Reserve’s reported intention to raise interest rates before the end of the year has fueled market instability in recent weeks, analysts say.
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