Dow finishes down 552 points
Stock prices took a sharp plunge for the second day in a row, Tuesday.
The Dow Jones Industrial Average has fallen a total of 950 points, or 4 percent, in the last two days. The major stock market indexes are now negative for the year.
The gloom-and-doom on Wall Street has wiped out the stock market’s gains for the year.
The Dow dropped 552 points, or 2.2%, on Tuesday. Plunging retailers like Target (TGT) and Kohl’s (KSS) led the S&P 500 1.8% lower.
Tech stocks once again got hit hard, with the Nasdaq sinking 1.7%. Apple retreated another 5% after Goldman Sachs dimmed its price target on the iPhone maker for the second time in a week.
All three major indexes have given up their gains on the year. The Dow is nearly 2,500 points off its peak.
“The highways will be crowded this evening as the Thanksgiving rush will begin in earnest, but this morning investors are rushing for the exits,” Paul Hickey, co-founder of Bespoke Investment Group, wrote to clients on Tuesday.
The Dow lost nearly 400 points on Monday as well. This week’s sell-off marks a continuation of a glum two months on Wall Street. The S&P 500 is down nearly 10% from its record high, flirting with official correction territory.
