Wall Street rally reverses, Dow Jones dives 216 points

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NEW YORK, New York – A promising start to the week for U.S. investors was derailed by a sudden 2.1 percent drop in the price of Apple shares, and a sell-off in bank stocks.

“It’s really hard to sustain upward momentum,” Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky, told Reuters Monday. “And that’s kind of the story of bear markets.”

The Dow Jones Industrial Average dived 215.65 points or 0.69 percent to close Monday at 31,072.61.

The Standard and Poor’s declined 32.31 points or 0.84 percent to 3,830.85.

The tech-laden Nasdaq Composite dropped 92.37 points or 0.81 percent to 11,360.05.

On foreign exchange markets, the U.S. dollar steadied after a major rally in Asia. The euro retained its strength to trade at 1.0141 around the New York close Monday. The British pound was stronger at 1.1951. The Japanese yen was a fraction higher at 138.04. The Swiss franc firmed to 0.9777.

The Canadian dollar strengthened to 1.2964. The Australian dollar rose to 0.6810. The New Zealand dollar traded at 0.6152.

Overseas, the FTSE 100 in London advanced 0.90 percent. The German Dax was up 0.74 percent. The CAC 40 in Paris, France, climbed 0.93 percent.

The best performer on Asian stock markets Monday was Hong Kong’s Hang Seng which surged 548.46 points or 2.70 percent to 20,846.18.

In China, the Shanghai Composite jumped 50.04 points or 1.55 percent to 3,278.10.

The Australian All Ordinaries rallied 90.00 points or 1.32 percent to close Monday at 6,888.00.

In New Zealand, the S&P/NZX 50 rose 41.02 points or 0.37 percent to 11,163.63.

South Korea’s Kospi Composite added 44.27 points or 1.90 percent to 2,375.25.

Japanese markets were closed for a public holiday.