Profit-taking in red hot financial stocks and a new reminder of the weak economy sent the markets reeling on Tuesday as the bulls take a breather from their recent run.
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The Dow Jones Industrial Average tumbled 137.63 points, or 1.71%, to 7920.18, the S&P 500 fell 17.22 points, or 2.01%, to 841.51 and the Nasdaq Composite lost 27.59 points, or 1.67%, to 1625.72. The consumer-friendly FOX 50 dropped 12.16 points, or 1.90%, to 627.67.
“We are allowed to give a little bit back. We need this kind of action to test the market and find out if we have any legs,” NYSE trader Ted Weisberg of Seaport Securities told FOX Business.
Tuesday's selloff came in the face of positive earnings reports from Goldman Sachs (GS) and Johnson & Johnson (JNJ). The markets also failed to rally around optimistic commentary about the economy from Washington officials.
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