Stocks tumble on report of tariffs

NEW YORK » Fear that the Trump administration will announce tariffs on all remaining imports from China helped knock U.S. stocks from a strong early gain to another sharp loss Monday.

Technology companies sank again after Bloomberg News reported that the U.S. is planning new tariffs if the two sides don’t make progress in trade talks next month.

Technology and internet companies, industrials and retailers took steep losses as Wall Street’s recent bout of volatility continued. The S&P 500 index has dropped 9.4 percent in October and is on track for its worst monthly loss since February 2009. That was right before the market hit its lowest point during the 2008-09 financial crisis.

Bloomberg News reported that the Trump administration will put tariffs on the rest of the country’s imports from China if Presidents Donald Trump and Xi Jinping don’t make substantial progress in easing the trade dispute next month.

The S&P 500 index fell 17.44 points, or 0.7 percent, to 2,641.25.

The Dow Jones Industrial Average gained as much as 352 points Monday morning but closed down 245.39 points, or 1 percent, to 24,442.92. It fell as much as 566 during the day.

The Nasdaq composite, which is heavily weighted with technology stocks, lost 116.92 points, or 1.6 percent, to 7,050.29. The Russell 2000 index of smaller-company stocks gave up 6.51 points, or 0.4 percent, to 1,447.31.

Stocks have plunged since early October, breaking a long period of relative calm over the summer, and trading has been especially volatile the last few days.

Wholesale gasoline added 0.5 percent to $1.82 a gallon and heating oil slid 0.8 percent to $2.28 a gallon.