Markets Right Now: US stocks erase much of an early swoon

NEW YORK – The latest on developments in financial markets (all times local):

4 p.m.

Stocks clawed back much of the ground they lost in an early plunge but still ended lower, continuing a dismal month for the stock market.

Major indexes pulled back sharply in early trading Tuesday, wiping nearly 550 points off the Dow Jones Industrial Average.

Traders blamed worries over slowing growth in China and costs related to President Donald Trump’s trade policies.

Caterpillar lost 7.6 per cent after saying taxes on imported steel were driving up costs.

Big gains by McDonald’s and Verizon helped soften the losses elsewhere.

The S&P 500 fell 15 points, or 0.6 per cent, to 2,740. The index is 6.5 per cent below the peak it reached a month ago.

The Dow lost 125 points, or 0.5 per cent, to 25,191. The Nasdaq slipped 31 points, or 0.4 per cent, to 7,437.

___

11:45 a.m.

Stocks are falling sharply on Wall Street, sending the Dow Jones Industrial Average down 400 points and extending the market’s recent string of losses.

The latest wave of selling came as investors grew unsettled by slowing economic growth in China and the costs of President Donald Trump’s aggressive trade policies.

3M fell 6.6 per cent and Caterpillar lost 7.8 per cent. Caterpillar said Trump’s taxes on imported steel were driving up costs.

The S&P 500 fell 48 points, or 1.8 per cent, to 2,706. The index is 7.5 per cent below the peak it reached a month ago.

The Dow lost 462 points, or 1.8 per cent, to 24,853. The Nasdaq composite gave up 146 points, or 2 per cent, to 7,322.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 per cent.

___

9:35 a.m.

Stocks are opening sharply lower on Wall Street following big drops in Asia and Europe.

The Dow Jones Industrial Average dropped more than 300 points in early trading, pulled down by big drops in Caterpillar and 3M.

3M fell 6.3 per cent after its earnings missed Wall Street’s targets. Caterpillar, which makes construction equipment, fell 7 per cent.

Market favourites including Amazon and Apple fell sharply.

The price of crude oil fell, pulling down energy stocks.

The S&P 500 index fell 38 points, or 1.4 per cent, to 2,716.

The Dow lost 367 points, or 1.5 per cent, to 24,939. The Nasdaq composite gave up 127 points, or 1.7 per cent, to 7,339.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.13 per cent.