By: JeeYeon Park CNBC.com Writer
Stocks finished at session lows Monday,
posting their sharpest one-day drop this year, as disappointing economic
data from China triggered a selloff in commodities.
The Dow Jones Industrial Average tumbled 265.86 points, or 1.79 percent, to finish at 14,599.20. All 30 Dow components ended in the red, led by Caterpillar and ExxonMobil.
The S&P 500 plunged 36.49 points, or 2.30 percent, to close at 1,552.36. And the Nasdaq dropped 78.46 points, or 2.38 percent, to finish at 3,216.49.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, surged more than 40 percent to finish above 17.
Major averages snapped a four-day winning streak last Friday, but still closed up more than 2 percent for the week.
All key S&P sectors closed sharply in negative territory, dragged by materials and energy.
The S&P 500 plunged 36.49 points, or 2.30 percent, to close at 1,552.36. And the Nasdaq dropped 78.46 points, or 2.38 percent, to finish at 3,216.49.
The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, surged more than 40 percent to finish above 17.
Major averages snapped a four-day winning streak last Friday, but still closed up more than 2 percent for the week.
All key S&P sectors closed sharply in negative territory, dragged by materials and energy.
China's gross domestic product grew 7.7 percent
in the first quarter, over the same period a year-ago, below the
expected 8 percent level and down from 7.9 percent in the previous
quarter. Data on Chinese industrial production for March also missed
forecasts. China is the world's second-largest buyer of gold.
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