US stocks hammered again, with 600-point loss erasing the Dow’s gains for 2018
- Mixed corporate earnings and weak housing data fuelled anxiety that rising prices will crimp economic growth
- The Dow tumbled 608 points, and the Nasdaq Composite lapsed into a correction from its record closing high in August
The sell-off in US stocks accelerated on Wednesday, wiping out gains for the year in both the S&P 500 Index and the Dow Jones Industrial Average, as mixed corporate earnings and weak housing data fuelled anxiety that rising prices will crimp economic growth.
Treasuries rallied for a second day on demand for haven assets.
Disappointing earnings from AT&T and Texas Instruments drove declines in the communications and semiconductor groups, offsetting a promising outlook from Boeing.
The Dow tumbled 608 points, and the Nasdaq Composite lapsed into a correction from its record closing high in August. The S&P extended its October rout to 8.8 per cent, making it the worst month since February 2009.
On Wednesday, the S&P 500 dropped 3.1 per cent, while the Dow Jones Industrial Average slumped 2.4 per cent and the Nasdaq Composite Index tumbled 4.4 per cent.
