Just after 2 p.m. EDT, the Dow Jones Industrial Average was down 217 points, or 1 percent, at 25,100, the S&P 500 was down 27 points, or 1 percent, at 2,728 and the Nasdaq Composite was down 75 points, or 1 percent, at 7,392.
Late Wednesday the stock market in the U.S. started to fall unexpectedly, with NASDAQ, Dow Jones Industrial, and S&P indexes all taking a hit. Between late June and early October, the market didn't rise or fall as much as 1 percent in a single day.
United States trade wars, Federal Reserve rates policy, and the dispute between Italy and the European Union are also pressuring the markets.
The latest selling came as investors grew unsettled over slowing economic growth in China and increased signs that President Donald Trump's aggressive trade policies are beginning to weigh on corporate earnings. In the U.S., companies are facing rising costs due to labour shortages and trade tariffs. We reported that Tesla (NASDAQ:TSLA) was so confident in their earnings they moved their reporting date forward then made the largest profit the company had ever reported (not that Tesla has ever been largely profitable in the past).
Elsewhere in Asia, South Korea's stock exchange fell 2 percent.
The Dow tumbled 608.01 points, or 2.4 per cent, to 24,583.42.More news: Owner claims dog is 'gold diggin' pretending to be stray for McDonald's
The index's tech giants felt the plunge: Facebook lost 5.4 percent, Amazon, 6 percent, Apple, 3.4 percent, and Netflix was down 9.4 percent.
The Russell 2000 index gained 36 points, or 2.5 percent, to 1,505. The spiral has already erased this year's record gains on U.S. markets.
Even so, traders are concerned about future growth amid rising inflation, interest rates and uncertainty over trade.
Results from S&P 500 companies have pushed up third-quarter profit growth estimates to 23.6 percent from 21.8 percent in the last 10 days. Britain's FTSE 100 lost 1.2 percent.
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Benchmark U.S. crude fell 4.2 percent to settle at $66.43 per barrel in NY. Brent crude, the benchmark for worldwide oil prices, rose 0.9 per cent to US$76.89 a barrel. Wholesale gasoline slipped 0.8 percent to $1.82 a gallon.
Benchmark US crude rose 0.8 per cent to US$67.33 a barrel.
The dollar climbed to 112.64 yen from 112.44 yen. The plan expands its targeted deficit to 2.4 percent of GDP next year, three times more than promised by the previous government.
Germany's DAX slid 2.2 percent and France's CAC 40 fell 1.7 percent lower. The euro fell to $1.1393 from $1.1467. Silver fell 0.3 percent to $14.63 an ounce.
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