S&P hits 16-month low as Wall Street slides

 S&P hits 16-month low as Wall Street slides

(Reuters) - Wall Street fell in volatile trading on Friday, after a few failed attempts at a rally, led by a drop in technology and other high-growth sectors, while defensive stocks rose amid concerns of slowing growth and a looming government shutdown.

The S&P 500 hit its lowest since August 2017 and the Dow hit its lowest since October 2017, while the Nasdaq sank to a 15-month low, toying with bear market territory for the second day in a row.

Adding to nerves was President Donald Trump saying there was a very good chance a government funding bill, which included funding for a wall along Mexico border, would not pass the Senate.

At 12:59 p.m. ET, the S&P 500 <.SPX> was down 24.51 points, or 0.99 percent, at 2,442.91. The index had risen as much as 1.5 percent at its session high.

The Dow Jones Industrial Average <.DJI> was down 159.72 points, or 0.70 percent, at 22,699.88 and the Nasdaq Composite <.IXIC> was down 132.14 points, or 2.02 percent, at 6,396.26.

(Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta)

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Updated Date: Dec 22, 2018 00:06:14 IST