Markets Right Now: Stocks close sharply lower on Wall Street

NEW YORK (AP) — The latest on developments in financial markets (all times local):

1:05 p.m.

Stocks plunged Monday, with the Dow Jones Industrial Average falling 653 points following President Trump's tweet attacking the Federal Reserve and its independence.

The Dow Jones lost 2.9 percent and the benchmark S&P500 lost 2.7 percent after the president's tweet expressing frustration over the Fed's decision to raise its key short-term rate.

The Nasdaq fell 2.2 percent. Bond prices rose. The yield on the 10-year Treasury note fell to 2.74 percent.

Trading volume was low as the market closed early ahead of the Christmas holiday shutdown.

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12:25 p.m.

The Dow Jones Industrial Average briefly fell more than 500 points following President Trump's tweet criticizing Fed chairman Jerome Powell.

President Donald Trump lashed out at the Federal Reserve Monday after administration officials spent the weekend trying to assure the public and financial markets that Jerome Powell's job as Fed chairman was safe.

The Dow fell 532 points to an intraday low of 21,912 before recovering slightly.

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12 p.m.

Stocks are sharply lower in midday trading on Wall Street, extending the market's losses after its worst week in more than seven years.

Health care and technology stocks took some of the heaviest losses in the broad sell-off Monday. Johnson & Johnson fell 4 percent. Microsoft slid 2.7 percent.

Trading volume was light during a shortened trading session ahead of the Christmas holiday.

Bank stocks are among the worst off after news of the treasury secretary's call with CEOs of six major banks accentuated investors' concerns.

The S&P 500 is down 1.6 percent at 2,378 and the Dow Jones Industrial Average fell 1.7 percent to 22,062. The Nasdaq Composite is down 0.9 percent at 6,275.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.77 percent.

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9:35 a.m.

Stocks are opening lower on Wall Street Monday as key U.S. indexes remain on course for their worst December since the 1930s. Bank stocks are among the worst off after news of the treasury secretary's call with CEOs of six major banks accentuated investors' concerns.

The S&P 500 is down 0.5 percent at 2,404 and the Dow Jones Industrial Average is down 0.6 percent at 22,304. The Nasdaq Composite is down 0.3 percent at 6,309.

In holiday-thinned half-day trading in Europe, France's CAC 40 is down1.5 percent and Britain's FTSE 100 is down 0.5 percent.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.77 percent.