Dow plunges nearly 300 points on host of fears
The Dow, S&P 500 and the Nasdaq are all tanking big-time.
Renewed worries about global economic growth, corporate earnings and market valuations propelled U.S. stocks to huge losses Thursday.
The Dow Jones industrial average sank 335 points (2%) to 16,659, the blue chip barometer’s biggest drop since a 354 point slide on June 6, 2013. The carnage to broader indexes was just as pronounced, with the Standard & Poors 500 slumping 2% to 1,928, the Nasdaq composite sliding 2% to 4,378 and the small stock Russell 2000 sinking 2.5% to 1,069, sparking fears that selling pressures could linger.
Thursday’s losses were a sharp reversal from Wednesday, when the Dow clocked a near 275-point gain – biggest of the year – inspired by the release of Federal Reserve’s meeting minutes signaling the central bank intent to keep interest rates low.
Energy stocks were particularly hard hit as crude oil prices continued to slide. The S&P Energy sector index was off 3% after benchmark West Texas Intermediate crude oil and Brent crude continued to slide. In after hours trading, West Texas crude was trading below $85 a barrel for the first time since November 2012.
“Investors are in a volatile fog until we get clarity on the earnings front and forward guidance,” says Joseph Quinlan, chief market strategist at U.S. Trust.
Source: Usatoday- Dow plunges nearly 300 points on host of fears
