Stock market plunges, Dow and S&P are now negative for the year

Posted on: October 24th, 2018 by ABC News No Comments

iStock/Thinkstock(NEW YORK) — The stock market plunged on Wednesday, with both the Dow and S&P erasing all gains and closing in negative territory for the year.

The Dow closed at 24,583, down 608 points or 2.4 percent. The S&P closed at 2,656 down 85 points or 3.1 percent. The tech-heavy NASDAQ closed at 7,108 down 329 points or 4.4 percent.

Consistent with the previous huge drops in recent weeks, technology stocks led big losses. On Wednesday, Texas Instruments and AT&T were impacted by disappointing earnings.

Investor cited tariffs, rising interest rates and the escalating trade war with China as a key factor in the downward slide.

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