Dow Jones Industrial Average

Wall Street on pace for worst December in over 80 years

Traders work on the floor of the New York Stock Exchange on December 17, 2018
Photo by Spencer Platt/Getty Images

U.S. stocks took a beating on on Monday: The Dow Jones Industrial Average closed 507 points lower, while the S&P 500 and the Nasdaq both dropped more than 2%.

Why it matters: The Dow and S&P, both down nearly 7% this month, are on pace for their worst December performance since the Great Depression, per CNBC.

Stocks fall into correction territory

NEW YORK, NY - DECEMBER 14: Traders and financial professionals work at the opening bell on the floor of the New York Stock Exchange (NYSE), December 14, 2018 in New York City
Photo: Drew Angerer/Getty Images

The Dow Jones Industrial Average closed 497 points lower on Friday, or 2.02%, while the S&P 500 fell 1.9% and Nasdaq Composite dropped nearly 2.3%. All three are now in correction territory.

Downward drivers: Johnson & Johnson, the biggest decliner in both the Dow and S&P 500, had its worst day in over 15 years after a Reuters report said the company knew its baby powder "was sometimes tainted with carcinogenic asbestos." Disappointing economic data in China also fueled the sell-off.

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