Dow plunges more than 1,200 points amid fears of U.S. economic slowdown
CBSN
Stocks in the U.S. plunged for a third consecutive trading day, with the Dow Jones Industrial Average tumbling more than 1,200 points, amid growing fears of an economic downturn sparked by a sharp slowdown in hiring and weakening consumer spending.
The S&P 500 slid 199 points, or 3.7%, to 5,148 as markets opened, while the tech-heavy Nasdaq Composite sank 4.6%. Investors are fleeing the Big Tech names that until recently had powered the U.S. market higher: Apple and Meta both fell about 5% in early trading, while chipmaker Nvidia tumbled 10%.
The Dow Jones Industrial Average tumbled 1,238 points in early trade and remained down more than 1,000 points, or 2.4%, as of 11:05 a.m. Eastern Time.
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