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Wall Street tumbles with Dow closing down more than 500 points, S & P closes at 14 months low

NEW YORK (Reuters) – Wall Street's main index surpassed all more than 2 percent on Monday, with comparison, the S & P 500 closes at its lowest level of 14 months, worrying about slowing down economic growth ahead of a highly anticipated decision from the Federal Reserve in the week of interest rate hikes. <p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The S & P 500 hit its lowest level since October 2017, the breach was reached during its sell-off in February. The small-cap Russell 2000 index <.RUT> confirmed a bear market, having fallen more than 20 percent from its Aug. 31 closing high. " data-reaction time = "14"> The S & P 500 hit its lowest level since October 2017 to break down low reached during sales in February. Small Cap Russell 2000 Index <.RUT> confirmed a bear market, which has fallen more than 20 percent from August 31 ending high. <p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "A profit warning from British retailer ASOS raised concerns about weakening consumer strength, despite robust US retail sales data on Friday. The National Association of Home Builders Housing Market Index indicated homebuilder sentiment had fallen to a three-and-a-half-year low. " data response = "15"> A profit warning from UK retailer ASOS caused concern to worsen consumer power despite the robust US retail sales data…

NEW YORK (Reuters) – Wall Street’s main index surpassed all more than 2 percent on Monday, with comparison, the S & P 500 closes at its lowest level of 14 months, worrying about slowing down economic growth ahead of a highly anticipated decision from the Federal Reserve in the week of interest rate hikes.

<p class = “canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “The S & P 500 hit its lowest level since October 2017, the breach was reached during its sell-off in February. The small-cap Russell 2000 index <.RUT> confirmed a bear market, having fallen more than 20 percent from its Aug. 31 closing high. ” data-reaction time = “14”> The S & P 500 hit its lowest level since October 2017 to break down low reached during sales in February. Small Cap Russell 2000 Index <.RUT> confirmed a bear market, which has fallen more than 20 percent from August 31 ending high.

<p class = “canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “A profit warning from British retailer ASOS raised concerns about weakening consumer strength, despite robust US retail sales data on Friday. The National Association of Home Builders Housing Market Index indicated homebuilder sentiment had fallen to a three-and-a-half-year low. ” data response = “15”> A profit warning from UK retailer ASOS caused concern to worsen consumer power despite the robust US retail sales data on Friday. National League of Housing Builders Housing Market Indicates Homebuilder Sentiment had fallen to a three and a half year low.

The S & P 500 erased short losses in late morning trading, but the index resumed its steep decline after Jeffrey Gundlach, CEO of DoubleLine Capital, said US stocks were on a bear market.

<p class = “canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “Concerns about flagging consumer sentiment pushed down S & P 500 consumer discretionary stocks, which tumbled 2.8 percent. Shares of Amazon.com Inc. dropped 4.5 percent, creating the biggest drag on the S & P 500 and the Nasdaq. Retail stocks declined overall, with the S & P 500 Retailing Index <.SPXRT> falling 3.4 percent. ” data-reaction = “17”> Concerns about flagging consumer feel dampened S & P 500 consumer discretionary shares, which turns 2.8 percent. The shares in Amazon.com Inc dropped 4.5 percent, creating the biggest draw on S & P 500 and Nasdaq. Retail trade declined overall, with the S & P 500 Retailing Index <.SPXRT> falling 3.4 percent.

Investors said market dirt would continue to enter the Federal Open Market Committee meeting on Tuesday and Wednesday.

An indication that the Fed would slow the rate of interest rate hikes could calm the markets, but the central bank’s intentions are unclear, says Ryan Detrick, senior marketing strategist at LPL Financial in Charlotte, North Carolina.

“We hold all the breath of Fed,” said Detrick. “If Fed takes foot from the pedal for the first half of next year, it would be an uncertainty.”

<p class = “canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “The Dow Jones Industrial Average <.DJI> fell 507.53 points, or 2.11 percent, to 23.592.98, the S & P 500 <.SPX> lost 54.01 points, or 2.08 percent, to 2.545.94 and the Nasdaq Composite <.IXIC> dropped 156.93 points, or 2.27 percent, to 6.753.73. data reactive = “21”> Dow Jones Industrial Average <.DJI> fell 507.53 points, or 2.1 percent to 23.592.98, the S & P 500 <.SPX> lost 54.01 points, or 2.08 percent to 2,545.94 and Nasdaq Composite <.IXIC> fell 156.93 points or 2.27 percent to 6.753.73.

<p class = “canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “The Cboe Volatility Index <.VIX> , the most widely followed gauge or expected near-term gyrations for the S & P 500, finished up 2.89 points at 24.52, its highest close in seven weeks. ” data-response time = “22”> Cboe Volatility Index <.VIX> The most consistent meter of expected related gyrations for the S & P 500 ended 2.89 points at 24.52, the highest closing in seven weeks.

<p class = “canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “Shares of Insurer UnitedHealth Group Inc fell 2.6 percent after a federal judge late on Friday ruled that the Affordable Care Act, commonly known as Obamacare, was unconstitutional. UnitedHealth was the biggest drag on the Dow. ” Data Reaction = “23”> Shares in the insurance company UnitedHealth Group Inc fell 2.6 percent after a federal judge late on Friday argued that the affordable Care Act, commonly known as Obamacare, was constitutional. UnitedHealth was the biggest draw on Dow.

<p class = “canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “Johnson & Johnson shares fell for a second consecutive session following a Reuters report that the company knew for decades that its baby powder contained asbestos. J & J shares ended 2.9 percent lower. ” Data Reaction = “24”> Johnson & Johnson fell under a second series in succession following a Reuters report that the company knew for decades that its baby powder contained asbestos. J & J shares ended 2.9 percent lower.

<p class = “canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “Shares of Goldman Sachs Group Inc dropped 2.8 percent to a two-year low after Malaysia filed criminal charges against the bank in connection with an investigation into suspected corruption and money laundering involving the sovereign wealth fund 1MDB. The stock has the largest year-to-date percentage decline among Dow Components. ” Data Reaction = “25”> Shares of Goldman Sachs Group Inc fell 2.8 percent to a two-year low after Malaysia filed criminal charges against the bank in connection with a survey of suspected corruption and money laundering involving the sovereign wealth fund 1MDB. The share has the largest annual percentage decline among Dow components.

<p class = “canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm” type = “text” content = “Twitter Inc 6.8 procent na de sociale media bedrijf waarschuwde of verdacht verkeer van China en Saoedi-Arabië en openbaarde een probleem dat zou kunnen hebben geopenbaard de landcode van zijn gebruikers’ telefoonnummers. ” Data Reaction = “26”> Inc Inc dropped 6.8 percent after the social media company warned of suspicious traffic from China and Saudi Arabia and revealed a problem that could have revealed the country code of the user’s phone number.

Decreasing issues exceed advocates on NYSE with a 5.55 to 1 ratio; At Nasdaq, a 431-to-1 ratio favored decliners.

The S & P 500 presented a new 52-week high and 116 new low Nasdaq Composite registered 10 new highs and 556 new lows.

The volume of US stock exchanges was 9.44 billion shares, compared to 8.01 billion averages over the last 20 trading days.

(Report of April Joyner; Further Reporting by Saqib Iqbal Ahmed in New York and Amy Caren Daniel in Bengaluru; Editing Bill Berkrot)

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