Wall Street Plunges On Concerns About Pricey Oil, Inflation; Tech Stocks Down Over 2%

Umer Jamshaid Published October 05, 2021 | 12:40 AM

NEW YORK (UrduPoint News / Sputnik - 05th October, 2021) Stocks on Wall Street plunged on Monday on fears about escalating oil prices and inflation, with the Big Tech sector taking the hardest hit, dropping more than 2% amid global outages from social media giant Facebook.

By 2:35 PM ET (1835), Wall Street's broad-based Dow Jones Industrial Average, comprising mostly industrial stocks, was down 1.1%. The blue-chip S&P 500, which groups the top 500 stocks on the NYSE, was down 1.6%.

The Nasdaq Composite Index, led by Big Tech Names such as Facebook, Amazon, Apple, Netflix and Google, tumbled 2.4%. Facebook itself was down almost 6% after a glitch across the social media giant's platforms, including WhatsApp and Instagram, affecting access for untold numbers of people.