Stocks Fall Sharply Amid Bank, Tech Selloff

A steep sell-off in stocks got a little less bad by the end of the day, but it still left indexes down sharply for the second day in a row. Banks and technology shares fell sharply Monday. Facebook sank 4% and Amazon, which more than doubled last year, lost 3%. The losses brought the Nasdaq composite index down almost 20% from its record high last year.

The Dow Jones industrial average fell 177, or 1.1%, to 16,027. It was down as much as 401 earlier. The Standard & Poor's 500 lost 26 points, or 1.4%, to 1,853. The Nasdaq sank 79 points, or 1.8%, to 4,283. Gold jumped 4%, and bond prices rose. The yield on the 10-year Treasury fell to 1.75%.