Dow plunges more than 1,000 points before paring losses

U.S. stocks plunged Monday, with the blue-chip Dow Jones Industrial Average tumbling more than 1,000 points before paring losses, as investors extended the market’s selloff on Friday.

TickerSecurityLastChange%ChgQQQOpens a New Window.POWERSHARES QQQ NASDAQ 100160.27-4.34-2.64%SPYOpens a New Window.SPDR S&P 500 ETF267.03-8.42-3.06%DIAOpens a New Window.SPDR DOW JONES INDUS AVG ETF TR SER'1' UNITS OF BEN INT NPV245.24-9.69-3.80%VXXOpens a New Window.IPATH S&P 500 VIX SHORT TERM FUTURES TM ETN42.03+9.11+27.67%

All three of the major benchmarks were lower midday, with the blue-chip Dow Jones Industrial Average falling over 1,000 points -- after dropping 666 points on Friday. Bond yields remained higher with the 10-Year Treasury hovering at 2.84%. Volatility, as measured by the VIX Index, spiked to a reading of 21, the highest since November 2016.

TickerSecurityLastChange%ChgWFCOpens a New Window.WELLS FARGO & COMPANY58.20-5.87-9.15%


All 10 of the S&P 500's largest sectors were lower. While energy, healthcare and financial stocks posted the steepest declines.

Wells Fargo (WFC) shares fell about 8%, on pace for the worst percentage drop since October of 2011, after the Federal Reserve moved to restrict the bank’s assets as punishment for “widespread consumer abuses and other compliance breakdowns.”

In an exclusive interview with FOX Business, Wells Fargo CEO Tim Sloan said his bank can still operate and grow despite the rare penalty.

TickerSecurityLastChange%ChgAAPLOpens a New Window.APPLE INC.158.55-1.95-1.21%INTCOpens a New Window.INTEL CORPORATION45.47-0.68-1.47%MSFTOpens a New Window.MICROSOFT CORP.89.68-2.10-2.29%CSCOOpens a New Window.CISCO SYSTEMS INC.39.88-1.05-2.58%

“Wells Fargo is absolutely open for business,” Sloan told FOX Business’ Maria Bartiromo on “Mornings with Maria.”

The tech-heavy Nasdaq Composite was also lower, giving up morning gains. Still investors dipped back into large-cap tech names such as Apple (AAPL) and  Intel (INTC). 

Apple (AAPL) was the Dow’s top performer after registering its largest percentage drop on Friday, a 4.42% decline. The world’s most valuable company entered correction territory Friday, falling 10% from its recent 52-week high. 

FBN's Charlie Gasparino on the outlook for the markets.

Published February 05, 2018 Markets FOXBusinessOpens a New Window.

John Elliott

John Elliott

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