S&P and Dow erase gains for the year

U.S. Stocks Fall as Dollar Gains FANG Boosts Tech Markets WrapMore

U.S. Stocks Fall as Dollar Gains FANG Boosts Tech Markets WrapMore

us stocks veered sharply lower in late-afternoon trading Wednesday, sending the Dow Jones Industrial Average down more than 400 points and extending a losing streak for the benchmark S&P 500 index to a sixth day.

The S&P 500 lost 84.59 points, or 3.1 percent, to 2,656.10.

Banks, health care and industrial companies also took heavy losses, outweighing gains by utilities and other high-dividend stocks.

Caterpillar's stock price tumbled after the heavy equipment manufacturer warned that Trump's taxes on imported steel were driving up production costs.

DOES NOT COMPUTE: Texas Instruments fell 4.9 percent to $95.35 after the chipmaker delivered quarterly results that fell short of Wall Street's forecasts.

The tech-rich Nasdaq Composite Index plummeted 4.4 per cent to finish at 7,108.40, posting its worst day since 2011, while the broad-based S&P 500 sank 3.1 per cent to 2,656.15.

Even with the late-afternoon rebound, stocks extended the market's recent string of declines, giving the benchmark S&P 500 index its fifth-straight loss.

The S&P 500 fell 48 points, or 1.8 per cent, to 2,706. The Nasdaq composite gave up 146 points, or 2 per cent, to 7,322.

U.S. gripped by 1 in 302m chance of winning the lottery
But that $1.586 billion prize - payable in annual installments over 30 years - came with an up-front cash option of $983 million . Fifteen tickets, however, did match five numbers to earn a prize of at least $1 million, including one sold in California.

Sales of new USA single-family homes fell to a near two-year low in September, the latest sign that rising mortgage rates and higher prices were hurting demand for housing.

While third-quarter profit growth estimates have risen to 22.4 percent from 21.6 percent in the last 10 days, weaker forecasts have pulled down fourth-quarter growth estimates to 19.5 percent from 20 percent, according to I/B/E/S data from Refinitiv.

3M Co. plunged 6.8 percent after third-quarter profits missed expectations and the company cut its full-year earnings forecast.

Investors also have been unnerved by comments from industrial companies saying trade conflicts have raised material costs. Brent crude, used to price worldwide oils, slid 0.4 percent to $76.17 a barrel in London.

The two countries are locked in a dispute over USA allegations that China steals US technology and forces USA companies to share trade secrets in exchange for access to the Chinese market. In Russia, the RTS dollar index was losing 0.46 percent, while the ruble-denominated MOEX was trading flat. Natural gas declined 1.4 percent to $3.17 per 1,000 cubic feet. Halliburton lost 4 percent to $34.95.

Despite the tumbling stock prices, the USA economy looks solid. The stock gained 6.2 percent to $176.91.

The Dow Jones Industrial Average fell 50 points, or 0.2 per cent, to 25,138. The euro rose to $1.1486 from $1.1466. The index is now off about 9.4 percent from its September 20 peak. Copper dropped 1 percent to $2.76 a pound. Britain's FTSE 100 picked up 0.9 percent. Japan's Nikkei 225 index rose 0.4 percent, Hong Kong's Hang Seng index dropped 0.4 percent and the Kospi in South Korea gave up 0.4 percent.

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