After a strong start, U.S. stocks abruptly sold off Tuesday after machinery maker Caterpillar said it doesn’t expect to top its first-quarter profit for the rest of the year. The Dow Jones industrial average plunged as much as 619 points as investors feared that rising oil prices and other costs will slow down growth in company profits.
The S&P 500 index skidded 35.73 points, or 1.3 percent, to 2,634.56.
The Dow Jones industrial average gave up 424.56 points, or 1.7 percent, to 24,024.13.
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The Nasdaq composite tumbled 121.25 points, or 1.7 percent, to 7,007.35.
The Russell 2000 index slid 8.84 points, or 0.6 percent, to 1,553.28.
For the week:
The S&P is down 35.58 points, or 1.3 percent.
The Dow is down 438.81 points, or 1.8 percent.
The Nasdaq is down 138.77 points, or 1.9 percent.
The Russell 2000 is down 10.84 points, or 0.7 percent.
For the year:
The S&P 500 is down 39.05 points, or 1.5 percent.
The Dow is down 695.09 points, or 2.8 percent.
The Nasdaq is up 103.96 points, or 1.5 percent.
The Russell 2000 is up 17.77 points, or 1.2 percent.