U.S. stocks open lower as Wall Street selloff continues
U.S. stocks opened lower on Monday as the selloff on Wall Street continued following Friday’s 1,000-point drop in the Dow Jones Industrial Average. The Dow Jones Industrial Average pulled back 255 points, or 0.8%, to 32,027. The S&P 500 dropped 32 points, or 0.8%, to 4,026. The Nasdaq Composite fell 93 points, or 0.8%, to 12,042. The Dow saw its biggest daily drop since May 18 on Friday, while the S&P 500 and the Nasdaq each recorded their worst days since mid-June. All three benchmarks also finished in the red for the second straight week. Stocks plunged on Friday after Federal Reserve Chairman Jerome Powell said the Fed would continue its battle against inflation even if tighter monetary policy causes financial harm to U.S. households and businesses.
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