Wall St drops 2% on growth worries; focus turns to Fed?

Published by
Reuters

By Devik Jain (Reuters) -Wall Street’s main indexes tumbled on Monday, as concerns about the pace of a global recovery spurred a selloff across sectors at the start of a week in which the Federal Reserve will decide on potentially tapering its pandemic-era stimulus. Ten of the 11 major S&P sectors declined. Economy-sensitive industrials, financials and energy dropped between 1.7% and 3.6%. The banking sub-index shed 3.9%, tracking U.S. Treasury yields as worries about the default of Chinese property developer Evergrande appeared to affect the broader market, with commodities slipping and inves…

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