Dow Drops 400 Points in Second Day of Major Sell-Off

U.S. stocks plunged Tuesday as the first major sell-off of the new year intensified for a second day, CNBC reported.The Dow Jones industrial average dropped 400 points at one point, though it rebounded slightly later in the afternoon, with UnitedHealth declining the most. Tuesday was on track for the biggest single-day point drop since a 610-point fall 18 months ago. Amazon Teams With Buffett to Tackle Health Care ‘Tapeworm’ “We’ve had a unilateral move higher [in stocks] to start things off and people are realizing this is not sustainable,” Art Hogan, chief market strategist at B. Riley FBR told CNBC. “You’re also seeing some cracks in the global story with interest rates rising.”Health care was the worst-performing sector in the S&P 500. The slide came after Amazon, J.P. Morgan Chase and Berkshire Hathaway announced plans to partner on ways to cut health-care costs. Petition Seeks to Expand Food Stamp Benefits for Pet Food The VIX, widely considered the best fear gauge in the stock market, rose to its highest level since August.Photo Credit: AP
Source: NBC San Diego