U.S. Stocks Sell Off; Nasdaq Drop Deepest In 7 Weeks

U.S. stocks fell on Monday as disappointing economic data from China and Europe triggered a bout of selling in global equity markets. Weak Black Friday sales were also weighing on markets, especially on retailer stocks. The Nasdaq Composite saw its steepest drop in seven weeks, dragged down by big declines in tech giants such as Apple, Inc., Google Inc., Facebook Inc., and Alibaba. Energy and utility stocks were the only bright spots on Wall Street, rising in tandem with a spike in oil prices. The S&P 500 closed 14.12 points, or 0.7%, lower at 2,053.44, its biggest one-day decline in more than 5 weeks. The Dow Jones Industrial Average shed 51.31 points, or 0.3%, to 17,776.93. The Nasdaq Composite suffered its steepest drop in seven weeks, after dropping 64.28 points, or 1.3% to 4,727.35.