US: Stocks tumble again, Dow drops 1.1%

[New York ] Wall Street stocks fell again early Monday, adding to last week's losses as worries about excess equity valuations and rising interest rates continued to dent investor sentiment at the open.

About two minutes into trading, the Dow Jones Industrial Average was at 25,235.82, down 1.1 per cent. The blue-chip index on Friday saw its biggest drop in more than a 18 months.

The broad-based S&P 500 dropped 0.9 per cent just after the open to 2,738.38, while the tech-rich Nasdaq Composite shed 1.0 per cent to 7,169.34.

After streaking to numerous records in the first three weeks of the year, US stocks last week began to pull back. And Friday's strong jobs report contributed to the sell-off because of the rising concern the US Federal Reserve will accelerate the pace of interest rate hikes this year.

AFP