Nasdaq Confirms Correction; S&P, Dow Erases Year’s Gains

(From Reuters)

U.S. stocks tumbled again on Wednesday, confirming a correction for the Nasdaq and erasing the Dow and S&P 500’s gains for the year, as disappointing forecasts from chipmakers and weak home sales data fueled worries about economic and profit growth.

The Dow Jones Industrial Average .DJI fell 608.15 points, or 2.41 percent, to 24,583.28, the S&P 500 .SPX lost 84.53 points, or 3.08 percent, to 2,656.16 and the Nasdaq Composite .IXIC dropped 329.14 points, or 4.43 percent, to 7,108.40.

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