Stocks Crushed: Dow Falls 550 Points, Retail and Tech Wrecked

Dow falls nearly 500 points, dragged down by Target and tech shares

Dow falls nearly 500 points, dragged down by Target and tech shares

Technology and internet companies and retailers were responsible for most of the gains Wednesday. Crude oil prices are up 3 percent after they sank to a one-year low a day earlier.

The S&P 500 index fell 43 points, or 1.6 percent, to 2,693.

The tech-heavy NASDAQ was trading 46 points - or 0.67 percent - lower, at 6,982.

The S&P 500 index fell 53 points, or 1.9 percent, to 2,683. US markets will be closed Thursday, and will be open for a half-day on Friday.

Technology companies recovered a sliver of their recent losses. Nokia, a big supplier of telecom networks, fell 3 percent.

Target stock tumbled 11 percent after reporting weaker-than-expected earnings for the third quarter.

Industrial companies also took a beating.

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MSCI's gauge of stocks across the globe gained 0.75 percent. Since late July, Facebook has lost $241 billion and Alphabet is down by $169 billion. That's about $900 billion in value lost by just those four companies.

Apple, Microsoft and Amazon, the most valuable companies on the market, sustained some of the worst losses. Investors now value Apple at about $845 billion. Target plunged 10 percent after missing Wall Street's earnings estimates. The company said sales broke out of a slump and prices also rose.

That contributed to a rebound for retailers after they dropped on Tuesday. It fell 6.6 percent on Tuesday.

Apple lost 3.9 percent in midday trading Monday and Facebook gave up 5.2 percent.

USA crude rose 2.7 percent to $54.87 per barrel.

Crude prices have plunged since early October as global stockpiles surged. Visit MarketWatch.com for more information on this news.

The Dow also gave up its gains to end flat, while the S&P 500 ended near its session lows, a sign of lingering bearishness.

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Bond prices were steady. The yield on the 10-year Treasury note remained at 3.06 per cent.

"This, I believe, is leading investors to pause for a moment and say, 'What if the Fed doesn't raise rates?'" Morganlander said. The biggest decliners are Facebook, which has been hounded by data privacy issues, down almost 40 percent from its recent peak, and Netflix, which is off 37 percent.

The disagreements between the United States and China at the Asia-Pacific Economic Cooperation meeting left investors feeling pessimistic about the prospects for a deal that would end the trade tensions between the world's two largest economies. The contract gained $1.20 to close at $54.63 in NY. Silver inched up 0.1 percent to $14.40 an ounce.

The S&P 500 fell 36 points, or 1.3 percent, to 2,654. The dollar slipped to 112.54 yen from 112.83 yen. The euro strengthened to $1.1398 from $1.1383.

OVERSEAS: Germany's DAX jumped 1.6 percent.

Oil prices climbed after USA government data showed strong demand for gasoline and diesel, though gains were limited by concern over rising crude supply. Japan's benchmark Nikkei 225 rose 0.7% and Hong Kong's Hang Seng added 0.7%.

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