Stocks Plunge, Erasing Gains for the Year

Dow falls 608 points
By Newser Editors and Wire Services
Posted Oct 24, 2018 3:00 PM CDT
Specialist Peter Mazza, left, and trader Anthony Carannante work on the floor of the New York Stock Exchange, Wednesday, Oct. 24, 2018.   (AP Photo/Richard Drew)

(Newser) – Stocks are closing sharply lower on Wall Street, led by a swoon in technology companies, the AP reports. The S&P 500 and the Dow Jones Industrial Average erased their gains for the year. High-flying companies like Netflix and Amazon took some of the biggest losses Wednesday. Netflix gave back 9.4% and Amazon dropped 5.9%. Several companies sustained heavy drops after reporting disappointing results. Texas Instruments, a major chipmaker, slumped 8.2% and AT&T fell 8.1%. The technology-heavy Nasdaq composite is now 12.3% below its August peak. The S&P 500 index fell 84 points, or 3.1%, to 2,656. The Dow fell 608 points, or 2.4%, to 24,583. The Nasdaq composite gave up 329 points, or 4.4%, to 7,108. (Read more stock market stories.)

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