Dow drops 120 points after weak services economy reading
Atocks dropped on Thursday after the release of disappointing economic data added fuel to Wall Street’s fears over the global economy.
The Dow Jones Industrial Average dropped to trade 120 points lower, or 0.9%. The S&P 500 slid 0.3% while the Nasdaq Composite was also down 0.3%. The major averages briefly dropped more than 1% before recovering some of those losses.
Thursday’s losses brought the Dow’s three-day decline to nearly 1,000 points, adding to the Street’s dismal start to the fourth quarter. The Dow was also down more than 3% for the week, on pace for its biggest one-week drop of 2019.