NEW YORK – The latest on developments in financial markets (All times local):
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2:28 p.m.
Stocks are extending their slide on Wall Street, bringing the Dow Jones industrial average down 500 points.
The slide Monday brought the Dow back just below 25,000 points, a level it first crossed a month ago.
The market’s slump began on Friday as investors worried that creeping signs of higher inflation and interest rates could derail the market’s record-setting rally.
Banks are taking some of the biggest losses.
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Wells Fargo plunged 8 percent after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.
The Standard & Poor’s 500 index fell 51 points, or 1.9 percent, to 2,711.
The Dow was down 530 points, or 2 percent, to 24,999.
Bond yields slipped after moving sharply higher Friday.
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11:45 a.m.
U.S. stocks are lower at midday as banks fall following more punitive action against Wells Fargo.
Wells Fargo dropped 8 percent Monday after the Federal Reserve hit the bank with new sanctions over a scandal that involved opening millions of phony consumer accounts.
Energy companies were also moving lower as the price of crude oil slipped. Exxon Mobil fell 3.5 percent.
The market is coming off its worst week in two years. Stocks fell sharply on Friday as traders worried about inflation and rising interest rates.
The Standard & Poor’s 500 index fell 14 points, or 0.5 percent, to 2,748.
The Dow Jones industrial average fell 159 points, or 0.6 percent, to 25,364. The Nasdaq composite lost 14 points, or 0.2 percent, to 7,225.
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9:35 a.m.
Stocks stumbled in early trading on Wall Street as banks fell following punitive action against Wells Fargo.
Wells Fargo plunged 8 percent in the first few minutes of trading Monday after the Federal Reserve hit the bank with new sanctions in response to its opening of phony accounts for several million consumers.
Other banks also fell. Industrial companies were also falling. Boeing lost 2 percent and Caterpillar was down 1 percent.
The market is coming off its worst week in two years. Stocks fell sharply on Friday as traders worried about inflation and rising interest rates.
The Standard & Poor’s 500 index dropped 20 points, or 0.7 percent, to 2,741.
The Dow Jones industrial average fell 233 points, or 0.9 percent, to 25,295. The Nasdaq composite lost 52 points, or 0.7 percent, to 7,189.
