NEW YORK — Stocks closed sharply lower Monday as an escalating trade war between the U.S. and China rattles investors.
The stock prices of the three companies with large casino holdings in Macau, all fell in value Monday. Las Vegas Corp., closed at $62.11, down $3.36 or 5.13% on the New York Stock Exchange; MGM Resorts International was off 1.05% or 27 cents to close at $25.36 on the New York Stock Exchange. Wynn Resorts, traded on the Nasdaq, fell $8.02 or 6.17% to close at $121.87. Only two companies in the gaming space, Full House Resorts and VICI Properties, rose in value Monday.
Technology companies, which do a lot of business with China and would stand to lose greatly in an extended trade battle, fell far more than the rest of the market Monday.
Apple gave up almost 6%. Industrial stocks including Deere and Boeing also fell sharply.
Utilities, a haven for fearful investors, were among the few stocks that rose. Prices for other safe-play assets like bonds and gold also rose.
The Dow Jones Industrial Average sank 617 points, or 2.4%, to 25,324.
The S&P 500 fell 69 points, or 2.4%, to 2,811.
The Nasdaq, which is heavily weighted with technology stocks, plunged 269 points, or 3.4%, to 7,647, its biggest drop of the year.
