U.S. stocks tumbled as fears grew about a global economic slowdown, as investors digested a grim mix of weak U.S. economic data and fresh concerns about the health of Europe’s banks.
The Dow Jones Industrial Average fell 392 points, or 3.4%, to 11018. The Standard & Poor’s 500-stock index dropped 51 points, or 4.3%, to 1143, while the Nasdaq Composite lost 116 points, or 4.6%, to 2397.
Gold jumped to above $1,825 per troy ounce, while Treasurys the yield on the benchmark 10-year note briefly dipped below 2.00% in intraday trading, for the first time since at least 1954.
“There are so many uncertainties that it’s hard to be constructive on the future right now,” said Ryan Larson, head of U.S. equity trading at RBC Global Asset Management.
The heaviest selling came in industrial and technology stocks. United Technologies fell 5.2%,Alcoa lost 5.6% and Caterpillar tumbled 4.8%. Hewlett-Packard fell 6.6%, ahead of its earning report after the close of trading, while Cisco Systems shed 4.5% and International Business Machines fell 6.1%.
Bank stocks were also under significant pressure. Bank of America was the biggest decliner among the Dow components, tumbling 6.7%, while J.P. Morgan Chase lost 4.2%.
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