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Overnight Markets: Wall Street down amid growth worries

Mining and banking stocks drove the S&P 500 to its lowest close since April 2014, even as energy producers erased losses.

Overnight Markets: Wall Street down amid growth worries

Wall Street closed off its session lows on Monday amid a late rally in the energy sector as concern over global growth hit banks and other economically sensitive shares.

The Dow Jones industrial average closed down 178 points, or 1.1%, to 16,027, the S&P 500 lost 27 points, or 1.42%, to 1,853 and the Nasdaq Composite dropped 79 points, or 1.82%, to 4,284.

Mining and banking stocks drove the S&P 500 to its lowest close since April 2014, even as energy producers erased losses.

Bank of America Corp. and Citigroup Inc. tumbled more than 5%, while Wells Fargo & Co. and JP Morgan Chase & Co. sank by at least 2%. Energy stocks rose 0.1%, the only gainers among 10 industry groups, as Chevron Corp. to Exxon Mobil Corp. rallied.

Chesapeake Energy ended down 33.3% after reports the natgas company had tapped existing adviser Kirkland & Ellis to explore restructuring options.

In the technology sector, Cognizant dropped 7.7% after the IT services provider issued a weak sales forecast. Amazon fell 2.8% while Facebook dropped 4.2%.

In commodities, oil fell for a third day after Venezuela failed to crack a deal on supply amid a tour of crude-producing nations.

Gold climbed 1.4% to $1,190.32 an ounce, the highest level since June. Silver jumped 1.9% to the highest level since November. Copper dropped 0.4% in London, while zinc and lead advanced amid signs of tightening supply.

In Asia, shares plunged across the board on Tuesday as fears about the global economy sent investors scrambling to safety.

In Japan, Nikkei Stock Average 225 tumbled 5.6% as of 2.51 p.m. in Tokyo. Down under, ASX All Ordinaries Index fell 2.78%. Most of the region is closed for the Chinese New Year holiday and trading remained thin.

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Daniel Godfrey: help me launch The People’s Trust!

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