July 24, 2014
Global shares down on growth concerns: Dow, S&P fall for fifth day
The selloff in US stocks accelerated on Tuesday, as the Dow and S&P 500 dropped for a fifth day, with the pullback coming on the cusp of earnings season.
The slide marked the S&P 500's worst day since Dec. 8. The declines were the largest losses this year in terms of both points and percentage drops for each of the three major US stock indexes.
The Dow Jones industrial average lost 213.66 points, or 1.65 percent, to 12,715.93 at the close. The Standard & Poor's 500 Index dropped 23.61 points, or 1.71 percent, to 1,358.59. The Nasdaq Composite Index tumbled 55.86 points, or 1.83 percent, to 2,991.22.
European shares hit a 10-week low as fresh concerns about global growth and pressure on some highly indebted euro zone countries hurt cyclical stocks, with charts for a major blue-chip index showing scope for yet further declines.
Financials, miners, automakers and energy sectors bore the brunt of the sell-off after trading in Europe resumed following the Easter holidays, reacting to Friday's weak US jobs report and Tuesday data showing no growth in France's economy in the first quarter.
The FTSEurofirst 300 index of top European shares provisionally finished 2.3 percent down at 1.027.95 points, the lowest close since late January. The index has fallen more than 7 percent since hitting an eight-month high in mid-March and is up just 2.7 percent so far this year.In Tokyo, the Nikkei closed down 0.1 percent at 9,538.02. The broader Topix index was off 0.03 percent at 813.43.