Dow falls 550 points, dragged down by Target and concerns over retail

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Big technology and internet companies tumbled again Monday, leading to broad losses across the stock market.

Major technology companies including Apple and Microsoft rose Wednesday, and crude oil prices climbed 3.8 percent a day after sinking to their lowest level in a year. The S&P 500 fell 48 points, or 1.8 percent, and the tech-heavy Nasdaq shed 119 points, or 1.7 percent.

The Dow Jones Industrial Average closed at 24,465, down 551 points, or 2.2 percent. The Russell 2000 index of smaller-company stocks surged 25 points, or 1.7 percent, to 1,494.

The Nasdaq lost 60 points, or 0.8 percent, to 6,968. Apple fell 4.2 percent on renewed worries that iPhone sales could slow, Microsoft lost 3.6 percent and Amazon gave back 5.2 percent.

Advancing issues outnumbered declining ones on the NYSE by a 2.77-to-1 ratio; on Nasdaq, a 2.91-to-1 ratio favored advancers.The S&P 500 posted six new 52-week highs and three new lows; the Nasdaq Composite recorded 14 new highs and 84 new lows. Google's Alphabet shares dropped by 1.4 percent. Facebook sank 5.7 percent to $131.55 and Netflix lost 5.6 percent to $270.21. Boeing was the biggest drag on the Dow Jones Industrial Average with a loss of 4.5 percent. These declines for retail could not come at a worse time, as the holiday shopping season is a critical period of the year for these companies.

Nissan said its chairman, Carlos Ghosn, was arrested Monday and will be dismissed from the company after, it said, he underreported his income and engaged in other "significant misconduct".

Apple rose 1.5 percent in early trading Wednesday and Amazon recovered 3 percent.

One Ottawa resident suffering with E. coli infection, linked to outbreak
The agency is warning people to throw out all romaine, because of fears it may carry a potentially deadly strain of E. coli. There are no deaths reported in connection to this outbreak, but one person has developed hemolytic uremic syndrome.

Oil prices climbed after US government data showed strong demand for gasoline and diesel, though gains were limited by concern over rising crude supply. The company also said it is buying construction software company PlanGrid for $875 million.

ENERGY: Oil prices rebounded Wednesday as benchmark US crude gained 2.3 per cent to $54.66 a barrel in NY.

"Any type of hostility amongst the (European) Union has major implications not only on the European financial system but also the global financial system", Morganlander said. The yield on the 10-year Treasury note remained at 3.06 per cent. Copper rose 1 per cent to $2.79 a pound.

S&P 500 measures the performance of 500 widely held common stocks of large-cap USA companies.

CURRENCIES: The dollar rose to 113.05 yen from 112.40 yen. The euro edged up to $1.1403 from $1.1399.

France's CAC 40 gave up 0.8% and Germany's DAX slid 0.9%. South Korea's Kospi gained 0.4%. Hong Kong's Hang Seng index rose 0.5 percent.

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