US Stocks Rattled Again As Dow Falls Nearly 500 Points Amid Economic Slowdown Fears
AP Photo / Richard DrewBusiness23:00 02.10.2019(updated 23:20 02.10.2019) Get short URL9341Subscribe
US stocks fell on Wednesday for the second day in a row for a two-day loss of more than 800 points, only accelerating fears that an economic slowdown is on the horizon.
US stock indices fell further on Wednesday, continuing a decline set in motion the day before following the worst manufacturing report in a decade. On Wednesday, however, a new report showed the labor market tightened in September, with employers hiring fewer new workers than in the previous month.
The Dow Jones fell by 494.42 points, having fallen 343.79 points on Tuesday and being down 3% for the quarter. The Nasdaq fell by 123.4 points, and the S&P 500 by 52.64 points.
CNBC noted other uncertainties fanned investor fears as well, including the deepening impeachment inquiry into US President Donald Trump and the ongoing trade war with China. The presidential probe is feared to interfere with passage of the United States-Mexico-Canada Agreement (USMCA) as well the chances of Washington arriving at an agreement with Beijing to end the tariff dispute.
After markets closed Wednesday, the Office of US Trade Representative also announced new tariffs against the European Union, targeting aircraft and agricultural products, due to enter effect on October 18.