Stocks fell in midday trading Monday, led by a sell-off in bank and Apple shares. Several factors fueled the decline, including China’s ban on iPhone imports, the delayed vote on Brexit and a flattening yield curve.
The Dow Jones Industrial Average lost 333 points, or 1.37 percent, to 24,055 in midday trading. The Standard & Poor’s 500 fell 1.08 percent, while the tech-heavy Nasdaq was off by 0.34 percent.
The declines Monday follow a painful showing last week when the Dow finished 4.5 percent lower.
A Chinese court on Monday held up Qualcomm’s injunction against some iPhone imports into the country. Apple plans to dispute the ruling.
Also on Monday, British Prime Minister announced that she would delay a vote on the Brexit plan because she didn’t have enough support for the measure to pass.
Market watchers also remain jittery after the two-year Treasury note yield rose above the interest paid by its five-year counterpart last week. When short-term rates rise above longer-term ones – called a yield-curve inversion – it historically indicates an economic slowdown is in the offing.
The Dow Jones industrial average plunged more than 1,100 points Monday as stocks took their worst loss in six and a half years. (Feb. 5)
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