Facebook and other tech stocks plunge as US indexes skid

Staff Writer

NEW YORK (AP) — A sharp loss for Facebook is dragging technology companies lower Monday as U.S. stock indexes skid. The social media company is facing new criticism related to privacy issues following reports that a data mining firm working for the Trump campaign improperly obtained and then kept data on tens of millions of users. The stock is on pace for its biggest loss in four years.
Other stocks in technology, health care and retail are skidding as investors take some profits after the market's gains over the last year. The British pound is rising and European stocks are down after Britain and the European Union said they are getting closer to a deal that will complete Britain's departure from the EU.
KEEPING SCORE: The S&P 500 index sank 48 points, or 1.8 percent, to 2,703 as of 2:55 p.m. Eastern time. The benchmark index is on track for its biggest loss since Feb. 8, when it tumbled almost 4 percent as investors worried that rising inflation would slow the progress of the market and the U.S. economy. The Dow Jones industrial average fell 416 points, or 1.7 percent, to 24,529. The Nasdaq composite gave up 17 points, or 2.3 percent, to 7,311. The Russell 2000 index of smaller-company stocks declined 26 points, or 1.7 percent, to 1,559...To read more, please refer to our print or online edition