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
Stocks Plunge, Erasing Gains for the Year
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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