Wall St: Dow falls nearly 600 points on inflation angst as oil soars

Megacap growth names and financial stocks dragged Wall Street’s main indexes more than 1% lower on Monday, as the prospect of a ban on oil imports from Russia sent crude prices soaring and fueled concerns about spiraling inflation.

Nine of the 11 major S&P sectors declined, with financial , communication services and consumer discretionary sliding over 2% each.

Bank of America slumped 5.5%, dragging the S&P 500 banks index down 3.4%. Payment service providers Visa , American Express Mastercard lost nearly 4% after they suspended operations in Russia.

Microsoft Corp, Amazon.com Inc and Nvidia Corp fell between 2% and 3.3% to weigh the most on the S&P 500 and the Nasdaq indexes.