Stocks end sharply lower as Facebook leads technology selloff

U.S. stocks closed more than 1% lower on Monday, pressured by a broad decline that was largely attributable to weakness in Facebook. The Dow Jones Industrial Average fell 336 points, or 1.4%, to 24,611. With the day‘s drop, the blue-chip average turned negative for 2018. The S&P 500 shed 39 points, or 1.4%, to 2,712. The Nasdaq Composite Index lost 138 points to 7,344, a decline of 1.8%. The Nasdaq saw outsize weakness due to technology shares; the sector fell 2.1% in its biggest drop since Feb. 8. Facebook led the sector lower after, facing heavy selling pressure over how it manages third-party access to its users‘ information, after saying a firm with ties to the 2016 Trump campaign improperly kept member data for years despite saying it had destroyed those records. The stock fell 6.8% in its biggest one-day drop since March 2014. The day‘s losses were widespread, with all 11 of the primary S&P 500 sectors ending down on the day and 29 of the 30 Dow components ending in the red.