Stock investors started second-quarter trading on Monday by giving Wall Street a major black eye, pummeling tech company shares over antitrust and regulatory fears, trade war concerns and public animosity toward social media for mishandling personal data.
The share price rout snowballed across the broader market, wiping out billions of dollars in Americans’ savings accounts, such as IRAs and other tax-deferred savings vehicles. All three major indexes were in negative territory for the year.
The Dow Jones Industrial Average closed down 458.92 points, which almost matched the benchmark index's drop in the entire first quarter, when it tumbled 616 points. The Nasdaq flirted with a correction, meaning a drop of 10% or more from a recent high.
Earlier in the afternoon, the Dow was down more than 700 points.
Facebook's shares were down more than 2.5% and approached a bear market as the social media company contended with the fallout from a leak that exposed the personal data of more than 50 million users.