Markets Right Now: Stocks swoon again as tech companies sink

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

4 p.m.

Stocks are falling sharply in late afternoon trading on Wall Street, putting the market on track for its worst month since the Financial Crisis.

The Dow Jones Industrial Average slumped more than 500 points Monday, pulled down by big losses in Boeing and Apple.

The S&P 500 index is more than 10 percent below its September peak. The last time the market had a drop that steep was February.

Stocks started higher but began to sink after Bloomberg reported that the U.S. could announce tariffs on all remaining imports from China by December.

The S&P 500 fell 24 points, or 0.9 percent to 2,634.

The Dow gave up 343 points, or 1.4 percent, to 24,348. It was down 566 earlier.

The Nasdaq fell 163 points, or 2.2 percent, to 7,009.

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11:45 a.m.

Stocks are climbing on Wall Street with big gains going to banks and health care companies.

JPMorgan Chase added 2.7 percent in midday trading Monday, and giant drugmaker Pfizer rose 2.3 percent.

Automakers rose sharply following a report in Bloomberg News that China might reduce its taxes on imported vehicles. Ford climbed 4.7 percent.

Red Hat rocketed 48.5 percent after IBM agreed to buy the software company for $34 billion in stock. IBM fell 2.4 percent.

Italy's FTSE MIB soared 2.3 percent after Standard & Poor's decided not to downgrade the country's credit rating.

The S&P 500 index gained 23 points, or 0.9 percent to 2,682.

The Dow Jones Industrial Average rose 142 points, or 0.6 percent, to 24,824. The Nasdaq composite rose 25 points, or 0.3 percent, to 7,189.

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9:35 a.m.

U.S. stocks are climbing at the start of trading following big gains for European indexes.

Open-source software maker Red Hat rocketed 48.5 percent Monday after IBM agreed to buy it for $34 billion in stock. IBM fell 4.1 percent.

Stocks have repeatedly changed direction over the last few days. The S&P 500 index is down 7.5 percent this month after a rocky few weeks.

Italy's FTSE MIB soared 2.4 percent after Standard & Poor's decided not to downgrade the country's credit rating.

The S&P 500 index gained 35 points, or 1.4 percent to 2,695.

The Dow Jones Industrial Average rose 253 points, or 1 percent, to 24,941. The tech-heavy Nasdaq composite advanced 101 points, or 1.4 percent, to 7,268.