Stocks closed lower on Wall Street Monday amid fading optimism that Washington will deliver more badly needed aid for the economy before the election next month.
The S&P 500 had its worst day in more than three weeks after shedding an early gain following a report that China’s economy grew at a 5% annual rate in the last quarter.
The market’s slide was broad, though technology, health care and communication stocks bore the brunt of the selling.
The S&P 500 fell 56.89 points, or 1.6%, to 3,426.92.
The Dow Jones Industrial Average dropped 410.89 points, or 1.4%, to 28,195.42.
The Nasdaq composite lost 192.67 points, or 1.7%, to 11,478.88.
The Russell 2000 index of small-cap stocks gave up 20.18 points, or 1.2%, to 1,613.63.
For the year:
The S&P 500 is up 196.14 points, or 6.1%.
The Dow is down 343.02 points, or 1.2%.
The Nasdaq is up 2,506.28 points, or 27.9%.
The Russell 2000 is down 54.84 points, or 3.3%.