Economic Impact
NEW YORK (CBS.MW) - The U.S. indexes took a drubbing Monday on news that an American Airlines jet headed for the Dominican Republic crashed in the New York borough of Queens.
The plane went down in the Far Rockaway area of Queens, close to JFK airport. All three of New York's airports -- JFK, La Guardia and Newark -- as well as the bridges and tunnels, have been shuttered.
The Dow Industrials opened lower and posted a triple-digit loss soon after. All of its 30-components dripped in red ink. The Nasdaq registered the biggest losses, falling as much as 2.5 percent.
All of the market's sectors declined sharply, with the exception of the defensive gold group. Not surprisingly, the airline sector spearheaded the decline, plunging 8.3 percent. Also losing significant traction were shares of oil service, chip, financial and biotech firms.