Foxnews.com -- (02/05/18) 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 a selloff that began Friday.
All three of the major benchmarks were lower in afternoon trading, 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.
All 10 of the S&P 500's largest sectors got hammered. 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 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.
“Wells Fargo is absolutely open for business,” Sloan told FOX Business’ Maria Bartiromo on “Mornings with Maria.”
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.