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After 619-Point Plunge, Dow Ends Day Down 424

Treasury yield spooks investors
By Newser Editors and Wire Services
Posted Apr 24, 2018 3:08 PM CDT
After 619-Point Plunge, Dow Ends Day Down 424
Robert Charmak, right, works with fellow traders on the floor of the New York Stock Exchange, Monday, April 23, 2018.   (AP Photo/Richard Drew)

(Newser) – Stocks are closing sharply lower on Wall Street as big technology and industrial companies take heavy losses, the AP reports. Market favorites including Alphabet and Amazon dropped Tuesday, and heavy equipment maker Caterpillar sank 6.2% after warning of weaker profits. 3M, like several other manufacturers reporting their quarterly results, said it was seeing higher costs for raw materials. 3M dropped 6.8%. Alphabet fell 4.8% after reporting a spike in spending. The Dow Jones industrial average fell 424, or 1.7%, to 24,024. It was down as much as 619 earlier. The S&P 500 index lost 35 points, or 1.3%, to 2,634. The Nasdaq gave up 121 points, or 1.7%, to 7,007. The yield on the 10-year Treasury reached 3 percent for the first time since January 2014. (Read more stock market stories.)

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