According to cnbc.com the Dow U.S. stocks traded sharply lower Monday, the first day of trade for the year, weighed by renewed concerns of global economic slowdown and increased tensions in the Middle East. The overnight drop in Chinese stocks that triggered a circuit breaker also pressured sentiment.
The Dow Jones industrial average traded about 400 points lower, down more than 2 percent, on pace for its largest percent decline on the first trading day of the year since 1932. Earlier, the index fell more than 450 points, down more than 2.5 percent.
The Dow attempted to hold above the psychologically key 17,000 level after falling below in intraday trade for the first time since October.
The Nasdaq composite held below the psychologically key 5,000 level. The index briefly traded more than 3 percent lower. Apple attempted to trade higher after earlier falling more than 3 percent, while the iShares Nasdaq Biotechnology ETF (IBB) held more than 3 percent lower in afternoon trade.
The S&P 500 briefly fell more than 2.5 percent and struggled to hold the psychologically key 2,000 level. The index briefly dipped below that level in intraday trade for the first time since mid-December.
“We took out 2,000 on the S&P 500 and 17,000 on the Dow. That (may be) creating some levels for some selling going down,” Peter Coleman, head trader at Convergex, said of the mid-morning decline in stocks.
To read the full story please visit cnbc.com
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