The Dow is down over 500 points amid fears about the health of the economy. NBC News' Brian Cheung breaks down what's behind the drop, saying that it's in part due to manufacturing and that most big losses come in the calendar month of September.
Stocks tumbled Tuesday as technology names struggled and new economic data rekindled fears around the health of the economy. The Dow Jones Industrial Average fell 626.15 points, or 1.51%, to end at 40,936.93. The S&P 500 slid 2.12%, closing at 5,528.93. The Nasdaq Composite dropped 3.26% and settled at 17,136.30. All three indexes notched their worst days since the global sell-off on Aug. 5. Chip stocks weighed on the market, with high-flying Nvidia dropping more than 9%.
This data reignited concerns around slowing growth within the U.S. economy, which helped drive a closely watched sell-off early last month. “The market right now seems to be very jumpy to any data that comes in,” said Larry Tentarelli, chief technical strategist at the Blue Chip Trend Report. “We’ve become a very data-dependent market.” Tuesday’s moves kick off the new trading month after the three major averages finished August with gains. U.S.
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