NewsBreak: Wall Street Drubbing Continues; Dow Tumbles 450
Investing.com - Sharp selling in the stock market continued in morning trading Wednesday, with the major indexes moving to session lows as concerns about the U.S. economy remained following a weak report on private payrolls.
The Dow Jones Industrial Average fell 450 points, or 1.7%. Johnson&Johnson (NYSE:JNJ) and UnitedHealth Group (NYSE:UNH) were the only components in the green as money went to defensive names.
The S&P 500 fell below 2,900, a level it hasn’t closed below since August, and was down 1.6%. The Nasdaq Composite was off 1.6%.
Crude oil futures also sank as the government reported a bigger-than-expected rise in inventories. Interest rates were down, with the 10-Year Treasury yield slipping to 1.608%.
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