Tech Stocks Lead Slump on Wall Street

Stocks are closing sharply lower on Wall Street, pulled down by more steep losses in big technology companies, the AP reports. Apple, Microsoft and Facebook all came under heavy selling pressure Monday. The losses came after the US and China clashed at a Pacific Rim summit over the weekend, dashing hopes raised last week that the two economic giants were making progress on resolving their damaging trade dispute. Industrial companies also took a beating. Boeing was the biggest drag on the Dow Jones Industrial Average with a loss of 4.5%. The S&P 500 index fell 45 points, or 1.7%, to 2,690. The Dow lost 395 points, or 1.6%, to 25,017. It was down as much as 512 earlier. The Nasdaq composite lost 219 points, or 3%, to 7,028. (More stock market stories.)