Dow Jones Ends Day Down 602 Points

Lloyd Doyle
November 14, 2018

The Malaysian government is seeking a full refund of fees it paid to the investment bank as part of deals related to the scandal, after Goldman "admitted culpability", according to a report from Bloomberg on Monday.

British American Tobacco, which makes Newport cigarettes, plunged 8.8 percent on reports that regulators were considering a ban on menthol cigarettes. In a note to clients, Haibin Zhu, China Chief Economist at JP Morgan, said there was a better than even chance the two leaders would not come to an agreement.

The Dow Jones Industrial Average fell 602 points, or 2.3 percent, to 25,387.

The Nasdaq composite lost 190 points, or 2.6 per cent, to 7,214.

Nearly all market sectors ended the day in negative territory with tech stocks falling 5.54 per cent, discretionary consumer goods by 2.31 per cent, energy 2.14 per cent and both finance and industrials by 1.99 per cent.

The Dow Jones Industrial Average fell 413 points, or 1.6 per cent, to 25,577.

Saudi Arabia's Energy Minister Khalid al-Falih had said earlier that day that OPEC agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels.

Athenahealth jumped 9.6 per cent after the struggling medical billing software maker received a buyout offer. The Standard & Poor's 500 technology sector, a major driver of the long bull run in stocks, fell 3 percent.

Amazon and Alphabet declined 3.35 percent and 1.69 percent, respectively. It was down as much as 509 earlier. Advanced Micro Devices gave up 8.2 percent to $19.29, while Nvidia fell 7.1 percent to $191.01.

Canada's main stock index also fell on Monday, weighed by losses in shares of precious metal miners as gold prices hit its lowest in a month.

Apple sank 4.8 percent and Amazon lost 4.5 percent.

In other energy trading, heating oil fell 0.8 percent to $2.16 a gallon and wholesale gasoline gained 0.9 percent to $1.64 a gallon.

The S&P 500 index fell 39 points, or 1.4 percent to 2,741. The Nasdaq composite lost 175 points, or 2.4 percent, to 7,231.

Stocks fell for a third straight day Monday, with technology leading the way lower amid worries about waning iPhone demand.

About 90 percent of S&P 500 companies have reported third-quarter results so far, with some 51 percent of those posting earnings and revenue that topped Wall Street's forecasts, according to S&P Global Market Intelligence.

Other reports by Iphone Fresh

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