Dow and S&P 500 Erase Their Gains for the Year as Stocks Slide

The Dow Jones Industrial Average dropped more than 600 points and the benchmark Standard & Poor’s 500 index extending its losing streak to a sixth day. The Dow Jones Industrial Average dropped 608.01 points at 24,583.42 and erased all of its gains for 2018. The S&P 500 dropped 3.1 percent to 2,656.10 and also turned negative for the year.

The tech-heavy Nasdaq plummeted more than 4% — its worst daily drop since August 2011. It is now in a correction, falling nearly 13% from it’s all-time high set earlier this year.

Trade War concerns and worries about a slowing economy under pressure from rising interest rates grew after the Commerce Department said new home sales fell to a two-year low plunging 5.5% in September, the fourth monthly drop.