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U.S. stocks sank to their worst loss in five weeks on Tuesday after a surprisingly limp report on the nation’s manufacturing stirred worries about the economy’s strength.
The report showed that manufacturing weakened in September for the second straight month as President Donald Trump’s trade war with China dragged on confidence and factory activity. It dashed economists’ expectations that August’s contraction had been an aberration, and stocks and bond yields immediately reversed course to drop sharply lower following the report.
On Tuesday:
The S&P 500 index slumped 36.49 points, or 1.2%, to 2,940.25.
The Dow Jones Industrial Average fell 343.79, or 1.3%, to 26,573.04.
The Nasdaq dropped 90.65, or 1.1%, to 7,908.68.
The Russell 2000 index of smaller companies lost 29.94 points, or 2%, to 1,493.43.
For the week:
The S&P 500 is down 21.54 points, or 0.7%.
The Dow is down 247.21 points, or 0.9%.
The Nasdaq is down 30.94 points, or 0.4%.
The Russell 2000 is down 27.05 points, or 1.8%.
For the year:
The S&P 500 is up 433.40 points, or 17.3%.
The Dow is up 3,245.58 points, or 13.9%.
The Nasdaq is up 1,273.41 points, or 19.2%.
The Russell 2000 is up 144.87 points, or 10.7%.
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