Wall Street tumbled to its worst day in months as its torrid rally that critics called overdone lost more momentum.
The S&P 500 fell 1.4% Wednesday for its sharpest drop since April. It was the index’s second straight loss after hitting a 16-month high last week. The Dow lost 1%, and the Nasdaq sank 2.2%.
Yields were mixed after Fitch cut the U.S. government’s credit rating. The downgrade strikes at the core of the financial system, but it’s so far caused less drama than a similar cut in 2011. The big concerns remain corporate profits and the economy. Reports on those were mixed.
On Wednesday:
The S&P 500 fell 63.34 points, or 1.4%, to 4,513.39.
The Dow Jones Industrial Average fell 348.16 points, or 1%, to 35,282.52.
The Nasdaq composite fell 310.47 points, or 2.2%, to 13,973.45.
The Russell 2000 index of smaller companies fell 27.33 points, or 1.4%, to 1,966.83.
For the week:
The S&P 500 is down 68.84 points, or 1.5%.
The Dow is down 176.77 points, or 0.5%.
The Nasdaq is down 343.21 points, or 2.4%.
The Russell 2000 is down 14.70 points, or 0.7%.
For the year:
The S&P 500 is up 673.89 points, or 17.6%.
The Dow is up 2,135.27 points, or 6.4%.
The Nasdaq is up 3,506.96 points, or 33.5%.
The Russell 2000 is up 205.59 points, or 11.7%.
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