Wall Street took another beating Monday as major indexes plunged on global growth worries and as former tech darlings continued to lose their luster.
The Dow Jones industrial average fell 602.12 points — or 2.32 percent — in Monday’s session, hobbled by Goldman Sachs and Apple, which were down 7.5 percent and 5 percent, respectively.
Tech stocks were badly bruised as the Nasdaq shed 2.8 percent while the broader S&P 500 gave up 2 percent.
But Wall Street’s worries went beyond hints of trouble with Apple.
“There’s still a lot of pessimism,” Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, told The Post, noting that investors have been shedding their tech stocks for less volatile sectors such as utilities and consumer staples.
Selling pressure began at the end of September, and even though there have been up days, there wasn’t much enthusiastic buying on the dips, Zaccarelli said.
While midterm election uncertainty is largely behind us, Wall Street is still fretting over the trade war between the US and China as well as the Federal Reserve’s plans to raise interest rates.
“No one expects a pause in December but there’s a fear of the Fed staying on course next year and moving toward a policy mistake,” Quincy Krosby, chief market strategist at Prudential, told The Post.
Many analysts, however, predict a strong holiday shopping season, which could be a boon to stocks.
To punctuate the rotation out of tech companies, investors bid up dividend stocks to new highs.
Shares in Procter & Gamble, Coca-Cola and McDonald’s drew investor interest Monday in an effort to park some money in where a dividend improves returns.