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2018's stock market gains wiped out
The gloom-and-doom on Wall Street has wiped out the stock market's gains for the year. The Dow dropped 552 points, or 2.2%. Plunging retailers like Target and Kohl's led the S&P 500 1.8% lower. Tech stocks once again got hit hard, with the Nasdaq sinking 1.7%. Apple retreated another 5% after Goldman Sachs dimmed its price target on the iPhone maker for the second time in a week. All three major indexes have given up their gains on the year. The Dow is nearly 2,500 points off its peak. The Dow lost nearly 400 points on Monday as well. This week's sell-off marks a continuation of a glum two months on Wall Street. The S&P 500 is down nearly 10% from its record high, flirting with official correction territory. The losses have been sparked by a flurry of concerns about everything from higher interest rates and crashing oil prices to the US-China trade war. But the overarching theme is that investors are bracing for the end of the fantastic economic and profit growth that marked the past year. Analysts expect a deceleration in 2019 driven by tariffs, the fading impact of the tax cuts and higher borrowing costs caused by the Federal Reserve. MORE ON THE STORY: https://ift.tt/2PDkph4 #stockmarket #CNN #News


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