Selling slammed Wall Street again Tuesday as concern about the European economy and upcoming U.S. corporate earnings reports sent the Dow Jones industrials to its biggest loss in more than three months.
The Dow plunged 272.52 points, or 1.6%, to 16,719.39 for its largest point decline since July 31. Broader indexes suffered too, with the Nasdaq composite down 1.6% to 4385.20 and the Standard & Poor’s 500 off 1.5% to 1935.10.
“The Dow took a nosedive out of the gate today, due to escalating concerns about the global economy. Lackluster industrial output data from Germany and a downwardly revised global growth forecast from the International Monetary Fund got the bearish ball rolling,” said Andrea Kramer, analyst at Schaeffer’s Investment Research. And the ball never stopped rolling downhill.