Dow, S&P 500 claw back losses after second session of selling
U.S. stocks took another leg down on Monday following Friday’s steep 600+ point selloff. The Dow Jones Industrial Average was down over 200 points mid-morning, before clawing back some of those losses. Investors reacting to higher bond yields. The 10-year note hovered around 2.85%.
Within the S&P 500 sectors, financial and energy stocks posted the steepest declines. Wells Fargo (NYSE:WFC) fell over 7% 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 Sloane said his bank can still operate and grow despite the rare penalty. “Wells Fargo is absolutely open for business,” Wells Fargo CEO Tim Sloan told FOX Business’ Maria Bartiromo.
Some investors used the selloff as a buying opportunity. Apple (NASDAQ:AAPL) rose 3% as the Dow’s top performer after registering its largest percentage drop on Friday of 4.42%. The world’s most valuable company entered correction territory, falling 10% from its recent 52-week high, on Friday.