Dow closes 550 points lower, erasing 2018 gains
The major stock indexes fell sharply Tuesday and turned negative for the year as a decline in Target shares pressured retailers, while the most popular technology stocks dropped again.
The Dow dived 551 points as the S&P 500 dropped 1.8 percent. The Nasdaq shed 1.7 percent. The Dow and Nasdaq were up 1.2 percent and 1.8 percent for 2018, respectively, entering Tuesday's session. The S&P 500 was up 0.6 percent.
Target fell more than 10 percent after reporting weaker-than-expected earnings for the previous quarter. The company also posted lighter-than-forecast same-store sales, which is a key metric for retailers.
The decline sent the SPDR S&P Retail ETF (XRT) down 3.2 percent. Kohl's, L Brands and Macy's — which are also in the XRT — fell 9.7 percent, 14.6 percent and 4.7 percent, respectively.
"This looks like lingering worries about what triggered the October decline. That's worries about an economic slowdown," said Craig Callahan, president at Icon Funds. "I think these people are wrong, but they're in control at this time."
https://www.msn.com/en-us/money/markets/stocks/ar-BBPUbNz
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