Stock Market's Dismal Month Continues

US stocks did manage to erase much of an early swoon
By Newser Editors and Wire Services
Posted Oct 23, 2018 3:00 PM CDT
Trader Gregory Rowe works on the floor of the New York Stock Exchange, Tuesday, Oct. 23, 2018.   (AP Photo/Richard Drew)

(Newser) – Stocks clawed back much of the ground they lost in an early plunge but still ended lower, continuing a dismal month for the stock market, the AP reports. Major indexes pulled back sharply in early trading Tuesday, wiping nearly 550 points off the Dow Jones Industrial Average. Traders blamed worries over slowing growth in China and costs related to President Trump's trade policies. Caterpillar lost 7.6% after saying taxes on imported steel were driving up costs. Big gains by McDonald's and Verizon helped soften the losses elsewhere. The S&P 500 fell 15 points, or 0.6%, to 2,740. The index is 6.5% below the peak it reached a month ago. The Dow lost 125 points, or 0.5%, to 25,191. The Nasdaq slipped 31 points, or 0.4%, to 7,437. (Read more stock market stories.)

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